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← Adjutant Generals Corps Museum Trust

2025-03-31-accounts

Registered Charity Number: 1075877

Report of the Trustees and Unaudited Financial Statements For the AGC Museum Trust

Samantha Tucker ACMA CGMA MBA 1 Meadow Rise Littleton Winchester Hampshire SO22 6NH

AGC Museum Trust Contents of the Financial Statements for the Year ended 31 March 2025

Page
Report of the Trustees 1 to 11
Independent Examiner's Report 12 to13
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Financial Statements 16 to 25
Detailed Statement of Financial Activities 26 to 27

AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

The Trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, Government and Management

  1. The Adjutant General’s Corps (AGC) Museum opened in 2003 to collect, preserve, and display the history of the AGC and its antecedent corps, the Royal Army Pay Corps, Royal Military Police, Military Provost Staff Corps, Royal Army Educational Corps, Army Legal Services and the Women’s Royal Army Corps and their rich histories. Subsequently:

a. The Military Provost Guard Service (MPGS), which was formed in 1997, added some of their history which is now displayed as part of the AGC Museum collection.

b. In 2011, the Gurkha Staff and Personnel Support (GSPS) was formed which allowed Gurkha administrators to assimilate with their AGC counterparts without losing their essential link to the Brigade of Gurkhas. Some of their history will also be displayed in the Museum.

  1. 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:

a. Three Ex-Officio members who are members because of their vital and influencing appointments with the AGC Corps HQ.

b. Representation from across the Branches of the AGC and its antecedent Corps but it is slowly adapting the composition to meet the needs of the Board and the Museum rather than trying to cover every interest group.

  1. 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:

a. 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 its unique heritage. The Corps Secretary post was gapped during this reporting period and the Trustees agreed, at their meeting on 24 April 2024, to appoint Captain DW Boyles AGC(ETS) as the Museum Director and Trustee for the interim period, until a full time Corps Secretary is in post.

b. 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

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

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 force through an agenda that may suit the AGC Association but which the Museum Trustees feel is not in the Museum’s best interest. The Chair of Trustees has been granted some delegated powers from the Board of Trustees which allow the flexibility to deal with issues that would otherwise require referral to the Board of Trustees. These powers are limited and contained in an annual letter of delegation from the Board of Trustees.

c. Trustees The Museum collection, at the outset comprised of the histories of the antecedent Corps and representatives of those Corps were appointed to be Trustees, from a balanced mixture of those still serving in the AGC and veterans of the antecedent Corps. It is now over 30 years since the formation of the AGC and some of the serving Trustees have had their entire service in the AGC. These Trustees encourage their respective Branches to add AGC historical items to the Museum collection.

d. 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 authority to approve payments although the Trustees have allowed the current incumbent to exceptionally be the countersigning officer for payments that have been properly authorised and are within budget but exceed the authorising officers level of individual delegation.

e. Museum Director The Corps Secretary AGC is the Museum Director and as such supervises the day-to-day activities of the Museum and is accountable to the Chair of Trustees and the Board of Trustees on every aspect of the Museum’s administration and all of the activities, and administration of the staff. Given the gapping of this key post, the Trustees elected Capt DW Boyles AGC(ETS) to act as the stand in Museum Director. The Museum Director has delegated powers from the Board of Trustees which aim to allow limited flexibility to deal with issues that would otherwise require approval of the Board of Trustees – these powers are contained in an annual letter of delegation from the Board of Trustees. This post is the principal authorising officer for all payments and the line manager for the Curator.

f. Independent Museums Advisor The Board is very fortunate to have an independent advisor on museums; her expertise on museum organisation and collection management ensures the Museum activities protect, preserve and display the museum collection. Although not a Trustee, the Museums Advisor attends all board meetings and has the experience to advise on a wide range of museum issues. During this period, Ms C Bernath, Head of Development at the National Army Museum assumed this role.

g. Curator The Curator is not a Trustee but is accountable to the Board of Trustees. The Curator attends Board Meetings to brief on the activities since the last meeting, staff issues, to raise any concerns, and to understand the 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-to-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

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

Assistant Curator powers are contained in an annual letter of delegation from the Board of Trustees.

  1. Trustee Selection If a vacancy occurs on the Board of Trustees, the Chair of Trustees informs the other Trustees and where possible identifies potential candidates as replacement for consideration by the Board. No Trustees should be appointed out of committee and every replacement must be discussed at the next available Board meeting. The Trust Deed allows between 6 and 12 members and this gives the Board of Trustees sufficient flexibility to consider replacements and to vote them in as Trustees without the need to convene a special meeting. The only exceptions to this rule are the 3 Ex-Officio members who automatically become Trustees by virtue of their appointments within the AGC Corps HQ.

  2. Trustee Remuneration All of the Trustees are volunteers and none receive remuneration from the Museum; the Trust Deed does however allow for the refund of reasonable travel and subsistence expenses incurred by Trustees acting on Museum official activities.

  3. Composition of the Board of Trustees The Board of Trustees is shown below:

Name Date Appointed Date Retired
Ex Officio Trustees
Col VJ Whiting ADC From 4 June 2021 Retires 7 June 2024
Col SR Allen MBE ADC From 7 June 2024
Lt Col (Retd) MJR Cotton MBE From 28 April 2012 Retires 24 April 2024
Lt Col D Cugudda From 23 April 2025
WO1 (Corps SM) C Hastings AGC(RMP) From 24 April 2024
Trustees
Col (Retd) AK Brown OBE From 31 March 2017
Lt Col (Retd) MMT Burton-Doe From 28 September 2022 Retires 24 Mar 2025
Capt DW Boyles AGC(ETS) From 24 April 2024
WO2 P Furlong AGC (MPS) From 27 September 2023
Col BA Gray From 6 June 2018
Lt Col (Retd) RC Naile MBE From 28 September 2022
Col DJ Rutherford From 27 September 2023
Col J Taffs From 24 March 2025
Col C Terblanche From 28 September 2022 Retires 24 March 2025
Col (Retd) AJ Ward From 2 December 2011
In Attendance
Ms C Bernath Independent Museum Advisor
Mrs BE Taubert-Brayley Curator

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

  1. Committees The Trust Deed allows the Board of Trustees to form committees responsible for specific 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 only accountable to the Board of Trustees, however the Chair of Trustees is responsible for routine oversight of these committees.

  2. The Finance Committee Finance Committee meetings are chaired by Col (Retd) 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 Finance 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 internal financial controls to assist and advise the Trustees in order that they:

  3. a. Meet their legal duties to safeguard the charities assets.

b. Administer the charities finances and assets in a manner that identifies and manages risks.

Trust Objects

  1. 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 other 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.

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

Purposes of the Charity

  1. 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 its antecedents. The work undertaken will be to the standards required to maintain Accredited Museum status with Arts Council (England).

  2. In addition, material displayed in the Museum will be of benefit to the general public, military veterans and serving personnel. The content of the displays will provide a stimulating experience for all, to show the role of the Army in the development of this nation; promote the military ethos; assist in recruiting and project a positive image of the British Army. The Trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities the charity should undertake.

Review of Activities, Developments and Achievements

  1. The Museum has been open for most of the year, only closing during the planned Christmas period and for most bank holidays. Visitor traffic has increased to the area and to the WMM site. The café is still being run by the same license holder – the redevelopment plan when enacted will close the café and the Defence Infrastructure Organisation has agreed to extend the café’s licence to occupy for the interim period between granting the museum’s lease and the redevelopment.

  2. Visitor figures for the 2024/2025 financial year were 15,330. 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 units visiting other museums on site who decided to visit the AGC Museum while in Winchester. The museum has hosted a number of meetings in the education space, including a French language group that meets weekly, an Alzheimer’s support group, the Hampshire and Berkshire Craft Guild, and several events for the residents in other buildings on site.

  3. School visits increased again in the past year, with 491 pupils over 11 days of school trips to the site. Numbers are slightly down from the previous year because several schools vist every other year. AGC Museum staff and volunteers led sessions and helped to navigate the pupils around the WMM site. Most school visits took place in November, focusing on local history, the theme of Remembrance and the two World Wars.

  4. The large temporary exhibition for the 2024/2025 year was on the history of the education of soldier’s children. This was replaced in January on an exhibition on the postwar Army. Several permanent cases were altered, with new items added in. This included a new set of medals, associated with other objects in the case, looking at the post-war service of Lt Col T.H. Sweeney RAPC. The tabletop cases were changed to focus on specific themes; one of the 80th anniversaries of D-Day and the fall of Rome. The third is being used to include more current AGC items on display in the Education Space.

  5. The AGC Museum had 7 volunteers for this financial period. The majority volunteer one day a week, with one coming in 3 times a week and another coming in to support school visits. Museum volunteers help with educational visits, front of house, digitizing the archive, and helping with a collections move. The Museum has links with Winchester University,

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

taking students who need to complete volunteer hours for courses. The Curator attended 2 career events at Winchester University, increasing student awareness of the Museum.

  1. The collection was moved to a new home over the summer period, with help from volunteers. The photograph collection audit has made progress, as has the cataloguing of the archives. The uniform audit is nearly complete, and the audit of the large loose items has begun.

Financial Review

  1. Letters of Delegation The Trustees approved letters of delegation to 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.

  2. Cash Flow The Honorary Treasurer provides a financial report to the Trustees on a quarterly basis; his reports have moved on from just explaining the information in the SAGE reporting and any anomalies to recommending areas for improvement such as more effective cash flow management (which has shown a return of £4.2K in interest out performing both our budget predictions and performance in the previous year).

Income and Expenditure

  1. Sources of Income The Museum’s sources of income are:

a. Army Museums Ogilby Trust The Museum is very fortunate to receive a grant toward gross staff costs – this year the grant was £71.7K.

b. AGC Association The AGC Association provides a generous annual grant to cover the estimated shortfall in operating costs – this year’s grant was £30K.

c. WRAC Association Donation toward the Redevelopment The WRAC Association generously donated £10K toward the museum redevelopment and the Chair of Trustees has secured pledges from the AGC, RAPC and RAEC/ETS Associations for grants when the redevelopment actually commences.

d. Interest on Investments The Trustees elected to remain with Blackrock until after the redevelopment and the investments delivered interest of £2.7K.

e. Donations and Research Fees This year donations and fees for research have realised a sum of £1.04K thanks to the generosity of the public and the value placed on the meticulous research undertaken by the Museum staff.

f. Miscellaneous Income Interest on our savings accounts achieved £4.2K and there were small receipts from profits from the sale of stock and from the café owner’s contribution for the use of the museums internet facilities..

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

  1. Expenditure Activity in the Museum has increased this year and with that comes increased costs but the most significant areas are:

a. Staff Costs The Museum staff salaries are reviewed annually at Trustees meeting; a comparison was made between the 2024 Civil Service increase and a rise in line with the the March RPI. The Trustees awarded a rise in line with the March RPI of 3%. This year the museum employed an additional individual to give cover for maternity leave. The gross cost of staff salaries was £79.9K which includes £3.9K in pension costs. There was also T&S expenditure of £369 and training costs of £243.

b. Operating Costs The other operating costs were for the insurance of the Museum and collection of £2.8K, Museum professional membership fees of £2.4K, telephone and internet costs of £650, conservation costs of £359 and bookkeeping fees for the salaries of £765. The Museum also incurred £600 for the independent examination of the previous year’s accounts. The remainder of the expenditure was on items less than £200 and covered in the accounts.

c. Redevelopment Costs The museum has spent £6.2K for redevelopment preparatory studies into the redevelopment during this period: the total sunk costs to redevelopment are now £9.9K.

d. Digitization Project This project continues apace with £18.8K expenditure this year.

e. Trustee Expenses The revised Trust Deed entitles trustees to claim reimbursement of reasonable expenses properly incurred in acting in an authorised manner on behalf of the Museum. All such claims are authorised by the Museum Director. This year costs amounted to £540 which is slightly higher than last year’s figure.

f. Heritage Assets The Trustees approved a spend of £2,2K for the purchase of the medals of Lt Col Sweeny.

  1. Excess of Income The continued delay in the redevelopment programme through infrastructure difficulties, better cash flow management and more effective budget control has led to excess of income of £22K (although £10K of this was the generous donation from the WRAC Association). Losses on investments of £2.76K resulted in a net income over expenditure of £19.6K.

Financial Performance

  1. Historical Review of Financial Performance Although the Museum has, over the past 6 years, annually made an excess 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 excesses 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.

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

Investment Policy and Performance

  1. Investment Management The value of the Blackrock investments, at 31 March 2025, was £64K. This compares to the previous year’s valuation of £67K with a loss of £2.7K. Whilst the loss is disappointing, it reflects trends in the market.

  2. 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 and to provide a buffer to any employment costs that occurred as we took on staff that were filling posts that were previously Civil Service. These reserves are there not only for unexpected staff costs but also to allow some financial capacity for an elegant closure of the museum (including the redeployment assets and staff redundancies) should either of our major sources of income cease.

  3. 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 clearer understanding of their future financial strategy, reserves, and investment policy.

  4. Investment Returns The Trustees remained satisfied that Blackrock was a safe investment for their short-term objective but looking longer term, they would seek independent financial advice on achieving their investment objectives and getting comparative performance benchmarks.

Reserves

  1. The Trustees have discussed their reserves policy at every meeting; the frustrating delays in the redevelopment project through infrastructure issues with the Grade 2 listed 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.

Risk Management

  1. The Trustees now have risk as a standing item on all Trustee meetings. Each risk is assigned to an owner who is responsible for the maintenance of that risk, the mitigation and assessing the probability and potential impact. The Trustees consider each of the strategic risks and give their views on the effectiveness of the mitigation, the probability of the risk occurring and the potential impact. All changes to the Risk Register will be discussed and agreed by the Board of Trustees.

Plans for the Future

  1. The planned redevelopment of the 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. Triple Crown 25 will be used to collect some audio/visual accounts from serving personnel through the ‘Drive to Archive’ stand, which will be staffed by Corps HQ and the Museum.

  2. The current plan for redevelopment is outlined at Paragraph 9. In terms of visitor

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

numbers winter remains the optimum time to close the Museum for the work to be carried out. Due to a lack of DIO funding, some infrastructure matters (the damp floor) will need to be resolved by Project Cypher. The lavatories are currently not costed in Project Cypher but the CO, Worthy Down has promised to try to fund one at a time, using existing budgets for infrastructure improvements.

  1. As at March 2025 the lease for the Museum is still yet to be finalised. However, after a period of consultation and revision, a finalised draft has been accepted by the trustees. It is currently with DIO’s solicitors.

  2. The Museum successfully received accreditation on 9 May which will last 5 years. The Curator will continue to focus on the areas of development identified in the application feedback.

  3. 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 has collaborated with the Women’s Royal Army Corps (WRAC) Association on a project with Legasee to record oral histories of the ATS and WRAC encompassing women’s service from 1938 to 1992. This started in June 2024 and is now complete. A series of podcasts will be released, the oral histories are on the WRAC Association’s website, and the AGC Museum will be getting a small temporary exhibition on 22nd May alongside a hard drive of videos for future use. The project has been such a success that Legasee are looking to find additional funding to keep doing some interviews, as more female veterans keep coming forward.

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

Reference and Administrative Details

Name Adjutant General’s Corps Museum Trust

Charity Number 1075877

Principal Address

Corps Headquarters AGC The Gloucester Building Worthy Down Winchester Hampshire SO21 2RG

Bankers

Royal Bank of Scotland NatWest Camberley 45 Park Street Camberley GU15 3PA

Churches, Charities and Local Authorities (CCLA) One Angel Lane London, EC4R 3AB

Independent Examiner

Samantha Tucker ACMA CGMA MBA 1 Meadow Rise Littleton Winchester Hampshire SO22 6NH

Solicitors

Mr Richard Robson Warner & Richardson 29 Jewry Street Winchester, Hampshire SO23 8RR

Investment Manager details

Blackrock UK Charities and Endowments Drapers Gardens 12 Throgmorton Ave London, EC2N 2DL

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AGC Museum Trust Report of the Trustees for the Year ended 31 March 2025

Page 11 of 26

AGC Museum Trust Independent Examiner’s Report to the Trustees of the AGC Museum Trust For the Year Ended 31 March 2025

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AGC Museum Trust Independent Examiner’s Report to the Trustees of the AGC Museum Trust For the Year Ended 31 March 2025

Page 13 of 26

AGC Museum Trust Statement of Financial Activities For the Year Ended 31 March 2025

2025 2024
Unrestricted Unrestricted
& total funds & total funds
Notes £ £
Income and Endowments From
Donations and legacies 2 112,452 103,962
Charitable activities 4
Museum Activities 961 657
Investment income 3 6,924 5,274
Total 120,337 109,893
Expenditure on
Charitable activities 5
Museum Activities 97,919 94,623
Net (loss) on investments (2,758) 1,207
Net Income
19,660 16,477
Reconciliation of Funds
Total funds brought forward 253,253 236,776
Total Funds Carried Forward 272,913 253,253

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AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2025

Page 15 of 26

AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2025

Governance Costs

Governance costs are the costs of professional advice, holding trustee meetings or committee meetings associated with decision making, any fee for audit or independent examination and any fee incurred in the preparation, statutory filing, printing or copying of the annual report and accounts.

Allocation and Apportionment of Costs

Support costs include administrative and governance costs and are allocated to the activities the Charity undertakes in proportion to the level of resources utilised by each activity. During the current and previous years all expenditure incurred by the 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 written off by equal annual instalments over their expected useful lives using the following methods of depreciation:

Furniture, fixtures and equipment - Straight Line over a period of 2 - 10 years

Assets with a life of more than one year but with a purchase value of below £500 are included within the inventory but the cost is written off in the year it is incurred and is not depreciated over the useful life of the asset.

Heritage Assets

In the course of the unit's history, the charity has acquired gifts, memorabilia, regalia, silverware, antiques and other historical artefacts in the course of distinguished military service in service of the Crown. The value of these pieces is in large part derived from their close association with Regimental history which precludes the use of conventional valuation techniques being applied. Whilst the objects of the charity do not specifically include preservation and conservation, the pieces represent an essential element of celebrating the unit's history and foster esprit-de-corps. Consequently, the managing Trustee considers the charity to hold heritage assets as an element of national history on behalf of the nation.

Heritage assets are initially measured at cost. Assets which are donated to the charity are measured at valuation wherever this can be reliably estimated. The initial valuation of donated assets is subsequently treated as the deemed cost of the asset therefore these accounts present all assets at cost less depreciation. Assets are depreciated over their useful economic lives, however in the Trustees' opinion, all of the assets currently held by the Trust have infinite lives and are therefore not 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 source of each asset, the date of acquisition, a brief description of the asset and its acquisition cost or value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

Taxation

The charity is exempt from tax on its charitable activities.

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AGC Museum Trust Notes for the Financial Statements For the Year ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Fund Accounting

Funds held by the Charity are deemed to be:

General Purpose / 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 currently have any Restricted or Endowment funds.

Pension Costs and other Post-Retirement Benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

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 been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

On receipt, donated goods are recognised at their fair value. Goods donated for on-going 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 balance sheet. The charity's investments are held in unit trusts and the fair value for these investments is equivalent to the market value, using the bid price.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired after the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

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AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2025

2. Donations and Legacies
2025 2024
£ £
Donations 721 321
Grants 111,731 103,641
112,452 103,962

The Charity is provided with Museum facilities within the Peninsula Barracks and administrative support from Army personnel within the Worthy Down Army Camp at no cost. No income is included in these financial statements for these donated facilities as it is not possible to reliably measure the value of these gifts.

Grants received, included in the above, are as follows:

Army Museums Ogilby Trust
WRAC Association
AGC Regimental Association
3.
Investment Income
Dividends Received
Interest received
4.
Income from Charitable Activities
Activity
Shop income
Museum Activities
5.
Charitable Activities Costs
Museum Activities
Direct
Costs
£
83,268		 2025
£
71,731
10,000
30,000
111,731
2025
£
2,776
4,148
6,924
2025
£
961
Support
costs (see
note 6)
£
14,651		 2024
£
68,641
0
35,000
103,641
2024
£
2,640
2,634
5,274
2024
£
657
Totals
£
97,919

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AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2025

6. SUPPORT COSTS

Museum Activities

Governance
Other costs Totals
£ £ £
13,219 1,432 14,651

Accountancy and legal fees relate solely to the fees due to the Independent Examiner for the independent examination of these accounts.

Support costs, included in the above, are as follows:

Support costs, included in the above, are as follows:
2025 2024
Museum Museum
Activities Activities
£ £
Office and admin costs 40 34
Insurance 2,775 2,534
Repairs and renewals 101 271
Telephone and internet 650 645
Postage and stationery 157 182
Sundries 365 32
Security 142 120
Travel and Subsistence 369 180
Depreciation of tangible fixed assets 1,809 1,998
Refreshments and meeting costs 631 511
Redevelopment costs 6,180 0
Bookkeeping 832 585
Accountancy and legal fees 600 600
14,651 7,692

7. Trustees' Remuneration and Benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

Four trustees were reimbursed reasonable expenses totalling £540 for the year ended 31st March 2025 (31st March 2024 £457).

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AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2025

8.
Staff Costs
2025
£
Wages and salaries
76,003
Other pension costs
3,926
79,929
The average monthly number of employees during the year was as follows:
2025
Museum Staff
5
No employees received emoluments in excess of £60,000.		 2024
£
81,104
3,999
85,103
2024
4

The charity considers the Board of Trustees to be its key management personnel. No Trustee received any remuneration for services to the Charity in the current or previous year.

9. Tangible Fixed Assets

Cost
At 1 April 2024
Additions
Disposals
As at 31stMarch 2024
Depreciation
At 1 April 2024
Charge for year
On disposal
At 31 March 2025
Net Book Value
At 31 March 2025
At 31 March 2024		 Fixtures
and
fittings
£
190,639
19,175

209,814
182,813
1,809
184,622
25,192
7,826

Page 20 of 26

AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2025

10. Heritage Assets

Market Value
At 1 April 2024
Addition
At 31 March 2025
Net Book Value
At 31 March 2025
At 31 March 2024		 Total
£
80,744
2,170
82,914
82,914
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 Heritage Asset Transactions

Heritage Asset procurement has been placed on hold for the last 5 years, save for one item (the Sweeny Medal collection) procured in 2024 for £2170 .

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 antecedents and current Corps. These items are unique to the history of the Corps but the majority of the items do not have commercial value.

The 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 cannot be obtained at a cost commensurate with the benefit 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 2025

11. Fixed Asset Investments

Fixed Asset Investments
Listed
investments
£
Market Value
At 1 April 2024 67,065
Revaluations (2,757)
At 31 March 2025 64,308
Net Book Value
At 31 March 2025 64,308
At 31 March 2024 67,065

There were no investment assets outside the UK.

Investments consist solely of investments held in unit trusts or other collective investment schemes.

12. Stocks

Shop Stock
13.
Debtors: Amounts Falling Due within One Year
Other debtors
VAT
Prepayments and accrued income
There are no amounts falling due after more than one year.
14.
Cash at Bank and in Hand
Cash in hand
Bank current account
Bank deposit accounts
Total		 2025
£
169
2025
£
789
181
1,399
2,369
2025
Total
funds
£
70
26,709
73,199
99,978		 2024
£
263
2024
£
119
238
3,956
4,313
2024
Total
funds
£
70
18,730
76,050
94,850

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 2025

15. Creditors: Amounts Falling due within One Year

Credit card liability
Accrued expenses		 2025
£
302
1,715
2,017		 2024
£
141
1,667
1,808

There are no amounts falling due after one year.

16. Movement in Funds

At 1.4.24
£
Unrestricted funds
General fund
253,253
Total Funds
253,253
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
120,337
97,919
Total Funds
120,377
97,919		 Net
movement
At
in funds
31.3.25
£
£
19,660
272,913
19,660
272,913
Gains and
Movement
losses
in funds
£
£
(2,758)
19,660
(2,758)
19,660

Comparatives for movement in funds

Unrestricted funds
General fund
Total Funds		 At 1.4.23
£
236,776
236,776		 Net
movement
in funds
£
16,477
16,477		 At
31.3.24
£
253,253
253,253

Page 23 of 26

AGC Museum Trust Notes to the Financial Statements - continued For the Year ended 31 March 2025

16. Movement in Funds - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 109,893 (94,623) 1,207 16,477
Total Funds 109,893 (94,623) 1,207 16,477

17. Related Party Disclosures

Whilst the charity has a close working relationship with the Army, there are no transactions with the Army which require disclosure under SORP FRS102. The only transactions made in favour of the Trust are wholly attributable to the charitable activities of furthering military efficiency. The Chairman, who acts as Managing Trustee, is a serving officer and fulfils the role as Trustee in accordance with the applicable laws and regulations.

During the year ended 31 March 2025 the charity received grants totalling £30,000 (2024 £35,000) from The AGC Association (charity no 1185298). The AGC Museum Trust and The AGC Regimental Association have several trustees in common and both charities have the object of promoting the efficiency of the Adjutant General's Corps.

In the year ended 31 March 2025 the charity received a one time grant of £10,000 from the Women’s Royal Army Corps Association (charity no 206184). Similar to the AGC Association, the WRAC Association has one trustee in common and both charities have an object of celebrating the past achievements of women in the Army (WRAC and ATS) pre 1992.

Page 24 of 26

AGC Museum Trust Detailed Statement of Financial Activities For the Year ended 31 March 2025

Income and Endowments
Donations and legacies
Donations
Grants
Investment income
Dividends Received
Interest received
Charitable activities
Shop Income
Total Incoming Resources
Expenditure
Charitable activities
Wages
Pensions
Advertising
Shop purchases
Conservation Costs
Administration & Education
Membership fees
Exhibition costs
Support Costs
Other
Office and Administrative Costs
Insurance
Repairs and Renewals
Telephone and Internet
Postage and Stationery
Sundries
Security
Travel and Subsistence
Depreciation Fixtures and Fittings
Depreciation Computer Equipment
Refreshments and Conferencing Costs
Redevelopment Costs		 2025
£
721
111,731
112,452
2,776
4,148
6,924
961
120,337
76,003
3,926
78
95
359
243
2,530
34
83,268
40
2,775
101
650
157
365
142
369
434
1,375
631
6,180
13,219		 2024
£
321
103,641
103,962
2,640
2,634
5,274
657
109,893
81,104
3,999
132
57
563
144
911
21
86,931
34
2,534
271
645
182
32
120
180
546
1,452
511
6,507		 2024
£
321
103,641
103,962
2,640
2,634
5,274
657
109,893
81,104
3,999
132
57
563
144
911
21
86,931
34
2,534
271
645
182
32
120
180
546
1,452
511
6,507




Page 25 of 26

AGC Museum Trust Detailed Statement of Financial Activities For the Year ended 31 March 2025

Other
Governance Costs
Bookkeeping
Accountancy and Legal Fees
Total Resources Expended
Net Income before Gains and Losses
Realised Recognised Gains and Losses
Realised gains/(losses) on Fixed Assets
Investments
Net Income/(Expenditure)		 2025
£
832
600
1,432
97,919
22,418
(2,758)
19,660		 2024
£
585
600
1,185
94,623
15,270
1,207
16,477

Page 26 of 26