REGISTERED CHARITY NUMBER: 1175211
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
FOR
INTELLIGENCE CORPS ASSOCIATION
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
INTELLIGENCE CORPS ASSOCIATION
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
Page |
Report of the Trustees |
1 to 6 |
Independent Examiner's Report |
7 |
Statement of Financial Activities |
8 |
Balance Sheet |
9 |
Cash Flow Statement |
10 |
Notes to the Cash Flow Statement |
11 |
Notes to the Financial Statements |
12 to 22 |
Detailed Statement of Financial Activities |
23 to 24 |
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2021.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
Practice applicableto charities preparing their accountsin accordancewith the FinancialReporting Standard applicable
in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity's objects are:
-
The promotion of the well-being and efficiency of Her Majesty's Army, and in particular the Intelligence Corps (the Corps), by such charitable means as the Trustee Board thinks fit including, but not limited to, fostering esprit de corps and maintaining contact between past and present members of the Corps.
-
- The education of the public in the role, history, traditions, customs and ethos of the Corps, including the provision of support to the Intelligence Corps Museum.
-
- The relief of qualifying beneficiaries who are in need, by reason of youth, age, ill health, disability, financial hardship or other disadvantage.
-
- The commemoration and remembrance of those members, or former members, of the Armed Forces of the Crown, in particular of the Intelligence Corps, who have lost their lives or suffered injury or put themselves at risk of loss of life or injury, in service to the public.
-
- Any other charitable purpose as the Board thinks fit for the benefit of qualifying beneficiaries - namely:
-
- Past or present members of the Corps.
-
By exception, and at the discretion of the Trustee Board, those who can prove a substantive link with the Corps.
-
Dependants of those mentioned in the sub paragraphs above.
Public benefit
MembersandformermembersoftheCorps,withsupportofthecharity,participatein,andorganise,arange of
activities which provide a public benefit.
Benevolent fund spending
Duringthereportingperiodtotalexpenditure,beforegains/lossesoninvestments,fromtheBenevolentFund was
£152,989whichwas spentdirectlyon charitableactivities,grantsanddonations.The beneficiarieswere wide ranging
and included veterans and families with disabilitieswho were in need of equipmentto make life more manageable and
comfortable.
Grants and Benevolence Sub-Committee
ThetrusteeshaveappointedandempoweredaGrantsandBenevolencesub-committeetodealwiththeday to
processingof all grant requests.The sub-committeecomprises:ICA Secretary(Chair),Corps COS, Corps Sergeant Major
and the WarrantOfficer(TradeTraining),Templer Company.Whilstloansare occasionallyapproved,this is very much
by exception,as the Trustees prefer to make a grant to alleviate hardship.Unanimous agreement on whether, and how
muchtoaward,isrequiredforeveryapplication.Forgrantsover£5,000butbelow£10,000theCorpsColonel and
Deputy Colonel Commandantare required to give approvalin additionto the Grants and BenevolenceSub Committee.
For grants above £10,000 Trustee Board endorsement is required. All grants above £5,000 are reported to Trustees and
ratified at the next Trustee Board meeting.
Veterans- A casemustbe madebyanindependentcaseworker.Thisis usuallyanadviserfromanassociated charity
suchasSSAFAortheRBLbutmaybeanICARegionalSecretary.Theywillstudytheindividual'scircumstances and
makerecommendations,confirmingthattheapplicanthasbeentruthfulabouttheirrequirementsandensuring that
they have applied for all appropriatestate allowancesbefore ICA is invited to make a contribution.Where possible, the
Corps shares the contributionwith other regimentalassociations(if appropriate)and charities.Each case is considered
on its merits by the Grants and Benevolence sub-committee (as referred above) who aim to be as generous as possible.
Page 1
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
OBJECTIVES AND ACTIVITIES
Grantmaking
ServingPersonnel- The case must be made throughthe chainof commandto ensurethatthe CommandingOfficer is
awareofthewelfaredifficultiesoftheapplicantandtoconfirmthattheapplicanthasexhaustedallother potential
civilianand military sourcesof fundingto resolve the problem.Each case is consideredon its merits by the Grants and
Benevolence sub-committee (as referred to above).
Toreceiveagrant,theapplicantmustprovethattheproposedactivityfallswithinthescopeofthecharitable funds
andthattheyintendtocarryitoutinthemostcost-effectivemanner.Theymustdemonstratethatthey have
consideredandobtainedasmuchincomeaspossiblefromothersources,bothmilitarygrantsand civilian
grants/sponsorshipwhereappropriate,aswellasmakingapersonalcontribution,wherepossible.Eachcase is
consideredonitsmeritsbytheGrantsandBenevolencesub-committee,whoaimtobeasgenerousas possible.
However, it should be noted that serving personnel not paying subscriptions to the Association may not be eligible.
Grant-making activities
Duringtheyearto31December2021thetotalexpenditure,beforegains/lossesoninvestments,was£384,002. The
fund was used to support the whole Corps 'family', including assistance to:
-
Deployed troops and their families, as well as to those taking part in leadership and adventurous training exercises, sports and social activities.
-
Benevolence support to serving and retired Corps members.
-
Corps heritage through an annual grant to the Military Intelligence Museum.
-
Remembrance activities.
-
Strengthening esprit de corps and keeping members in touch with one another through the publication of the annual Corps journal, The Rose and the Laurel; the funding of Corps Day activities; and the administration of 14 regional branches.
-
Limited aspects of recruiting and training, including the presentation of prizes and awards to top students and stable belts and rank slides to newly qualified Phase 2 Trainees.
-
ICA Resettlement and Employment Cell (ICAREC), which assists service leavers with finding employment
-
- Maintaining regimental alliances.
TheAssociationmayalsomakegrantstoanycharityorcharitablefundwithsimilarobjectiveswiththeaim of
benefiting those listed above, for example the Army Benevolent Fund, SSAFA or The Royal British Legion (TRBL).
Page 2
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
ACHIEVEMENT AND PERFORMANCE Charitable activities
StillverymuchintheleaofCovid,Trusteesthoughtitprudenttoallocate£60,000asacontingentfundto enable
financialsupportto thosestrugglingas a consequenceof the effectsof Covid,or postCovid.It is hearteningto report
that this fund remained untouchedthroughoutthe reporting period and was carried forward as cash in bank into 2022.
Trusteestookthis as a sign thatour members,whetherservingor veteran,were mainlyable to cope duringthe Covid
pandemic.Infact,verylittlesupportwasrequestedasadirectresultofCovid,withthemostsignificantcasebeing a
memberwhostruggledwithcashflowbutwaskeptgoingwitharelativelymodestgrantof£1,600.Otherareas of
welfareandbenevolenceincludetoaNationalServicemanveteran,longretiredinMalaysia,whosecostofliving is
partiallycovered by a £2,200 stipend.Closer to home, a veteran with 22 years' service received help to adapt his home
toenablewheelchairaccessafterasignificantstroke.ThesupportprovidedbytheAssociation,which included
monthly home help to allow his spouse down time until they were settled, just exceeded £15,000.
OperationRESTITCH(the name for the projectto bringthe Corps FamilytogetheragainafterCOVID-19)was allocated
significantfundingtoencouragemembersoftheAssociationtosocialiseandbondafteralongperiodof enforced
lock-down;thiswasseenascrucialtotheeffectivenesswithintheservingelementtohelprestorecohesion and
efficiency.Focusingmainlyonsocialevents,OpRESTITCHprovedsuccessfulwithsupportbeingprovidedto deployed
troopsinEstoniaandCyprus,andclosertohome,tounitsthroughoutEngland,WalesandScotland.Centralto Op
RESTITCHwasanall-ranksdinner,heldatouraffiliatedLiveryHallinLondon,whichsaw170members,serving and
veteran,attend a full formal event achievinga sense of esprit de corps and enablingcontactbetween past and present
membersof the Corps.The totalexpenditurethroughoutthe yearandacrossall unitsandareasfor Op RESTITCH was
over £73,000.
DespiteCovidrestrictionsbeinggraduallyliftedthroughouttheyear,thenumberofrequestsforSport and
AdventurousTrainingactivitiesslumpedwith barely10% of fundsof a pre-Covidyearbeingexpended.The number of
benevolence and welfare requests showed a slight increase, but nowhere near the anticipated number.
Finally,Trusteeswere pleasedto be able to provideassistanceto the MilitaryIntelligenceMuseum by way of a £7,500
stipend,a £5,000grantto the ABF anda £500donationto the RBLY ServicesBranchtowardsupkeepof its memorial
site at the National Memorial Arboretum.
Page 3
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
FINANCIAL REVIEW
Finance Committee
The Trustees have appointedand empowered a Finance Sub-Committeeto bring a specific focus on financialmatters in
additiontothegeneralscrutinyoffinanceconductedatfullTrusteeBoardmeetings.Thesub-committee comprises:
threeTrustees,anexternalsubjectmatterexpertandtheCorpsSecretary.Itexercisesoversightofthe operating
budgetandmanagementofreserves.Thesub-committee,notingtheaccrualofcashatbankduetothedecrease in
requestsforsupportacrossallareasofoperationinyear,proposedthat£170,000betransferredto investments,
leavingasuitablecashbalanceforoperatingcosts.Meanwhile,thecommitteecontinuedtoworkwith the
BenevolenceSub-Committeeto exploreoptionsfor how our members'reservesfundscouldbe used to optimal effect
acrossabroaderrangeofadditionalbenevolentpurposes,andproposedtobringforwardtwonewfunds,as yet
unnamed,in2022,partiallyfundedbyasignificantlegacybequestandtheadditionalcashhighlightedabove,to a
combined value of circa £0.75m.
General
Totalincomefortheyearamountedto£599,178(2020:£499,850).Totalexpenditureamountedto£384,002 (2020:
£361,433).TheFundhadtotalnetincoming/(outgoing)resourcesfortheyearof£215,176(2020:£138,417), before
realisedandunrealisedgains/(losses)oninvestmentsof£392,100(2020:(£307,281)).Therewasan overall
surplus/(deficit)for the year of £607,279(2020: (£168,864)).Total funds (includinginvestments)to carry forward at 31
December 2021 were £3,142,087 (2020: £2,534,811).
Principal funding sources
The primary sources of income are:
-
Day's Pay Scheme (monies contributed by serving personnel and some reserve personnel)
-
Investment income
-
Quarterly Association subscriptions (from reserve personnel)
-
Annual Association subscriptions - retired Intelligence Corps personnel and Associate Members of ICA
-
- Donations
-
Corps Shop Profits
-
Current Account Interest
-
Bequests
Investment policy and objectives
The Trusteesagree thatthe level of risk to be takenby the portfoliomanagerwas to be medium to high,and that the
aim was to achieve a balance between growth in the restricted funds and income from the unrestricted funds.
Reserves policy
The policy to enable a larger operatingbudget had resulted in significantfunding being made availableto Commanding
Officersandheadsof departmentto bettersupportthe IntelligenceCorpssoldiersandofficersundertheir command.
Trustees consider that the continuedaccumulationof the remaining investment income will maintain the fund's overall
value and enable functioning valuations to be offset in the long term.
Trusteesrecognisetherequirementforadequateresourceshouldtheassociationsufferasignificantfinancial shock
and assess that any recovery plan would be able to be enactedwithin 15 months and would require up to £100,000 of
freeunrestrictedreserves.AlthoughtheeconomicimpactofCovid-19hasaffectedourreserves'values,our financial
resilience is such that it has not impaired our ability to continue the provision of benevolence.
Page 4
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2021
FUTURE PLANS
Largenumbersofourofficersandsoldierscontinuetobeeitherdeployedon,ordirectlysupporting, current
operations.Thislevelofdemandlookssettoendureandrepresentsahigherpercentageofcommitmentthan most
otherareasoftheArmy.Notwithstandingthis,orperhapsbecauseofit,the'Corpsfamily'continuestobe vibrant,
strongandinclusiveanditisrecognisedthattheAssociationplaysavitalroleinsupportingasuccessfuland thriving
Corps. ICA continues to support this aspect of the serving cohort as the primary object of the Association.
The Charitywill continueto maximisesupportto servingpersonnel(RegularandReserve)andtheirfamiliesin time of
need.As a counterbalancetotheoperationaldemands,andasa retentionincentive,theTrusteescontinueto regard
opportunitiesfor personalteamdevelopmentthroughsport,adventuretrainingandleadershipexercisesas essential,
and are keen to re-engage and support on demand.
Trusteesplacegreatemphasison the conceptof life-longbelongingto the StrongCorpsFamilyandon the support to
Corpsveterans,aswellastothewidows,widowersanddependentsofservingandveteranCorpsmembers. Serving
memberswillcontinuetobeassistedintheirtransitiontocivilianlifethroughanetworkofcontacts,mainly veteran
Corpsmembers,whocanprovideguidanceandofferpracticalhelpinfindingemployment.Linkswithinand between
theRegionalBranchesof theAssociationwillbe strengthened,a high-qualityCorpsJournalwillbe produced annually
and the Corps Day events,which are open to all, will continueto be organisedannuallyas a centralcelebrationat the
home of the Corps in Chicksands.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document and is constituted as a charitable incorporated organisation.
Organisational structure
SignificantworkhasbeenundertakenbytheTrusteestoconverttheAssociationintoaCharitable Incorporated
Organisation.The subsequentreductionfrom 18 to 12 trustees has improved decisionmaking and increased response
time,whilereducingthelengthoftimespentincommittee.FullusehasbeenmadeofITtoenable Trustee
communications during lockdown periods.
TheIntelligenceCorpsAssociationhasaverysmalltradingoperation,whichisusedinpursuanceofits primary
purpose.ItiseffectivelyaserviceforICAmembers,enablingthemtopurchasearticlessuchasnon-issueitems of
uniform (badges, berets, stable-belts and buttons); Corps mementoes; and intelligence-related books.
Appointment of Trustees
InlinewithCharityCommissionadviceandbestpractice,itwasagreedtoreducefrom18to12thenumber of
Trustees.ThiswasagreedbyTrusteesandincorporatedintoRulesandByelaws.Itisproposedtoamend the
Constitution after time to allow the new structure to prove itself and in consultation with members.
The Trustee Board comprises 12 Trustees:
The ex-officio trustees ('the office holders') for the time being are:
Page 5
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making
Decisionsonawardinggrantsuptothevalueof£5,000aremadebytheGrantsandBenevolencesub-committee (as
referred above).
Day to day running of the charity is delegated to the Corps Secretary.
Induction and training of new trustees
All Trustees have been furnishedwith a copy of the governingdocument,the most recent annualreport and accounts,
and details of 'The Essential Trustee: What you need to know'.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1175211
Principal address
Headquarters Intelligence Corps
Chicksands
Bedfordshire
SG17 5PR
Trustees
The charity has been given a dispensation by the Charity Commission from publishing the names of its Trustees.
Independent examiner
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
Bankers
Holts,
Lawrie House,
Victoria Road,
Farnborough,
GU14 7NR
Investment managers
Rathbones
8 Finsbury Circus.
London,
EC2M 7AZ
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................
Trustee
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
INTELLIGENCE CORPS ASSOCIATION
Independent examiner's report to the trustees of Intelligence Corps Association
I reportto the charitytrusteeson my examinationof the accountsof IntelligenceCorps Association(the Trust)for the
year ended 31 December 2021.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportinrespectof myexaminationof theTrust'saccountscarriedoutundersection145of theActandin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionundersection 145(5)(b)
of the Act.
Independent examiner's statement
Since your charity'sgross income exceeded£250,000your examinermust be a member of a listedbody.I can confirm
thatI am qualifiedto undertakethe examinationbecauseI am a registeredmemberof ACA whichis one of the listed
bodies.
Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattentioninconnection with
the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Stevens
ACA
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
Date: .............................................
Page 7
INTELLIGENCE CORPS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Relief of hardship and other disadvantages
General charitable purposes
Commemoration and remembrance
Promotion of the well-being and efficiency of her
majesty's army
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
353,848
29,659
29,057
2,339
414,903
46,325
-
146,214
886
37,588
231,013
145,077
328,967
841,767
1,170,734 |
Restricted
fund
£
134,850
-
49,425
-
184,275
10,954
98,825
24,499
1,344
17,367
152,989
247,023
278,309
1,693,044
1,971,353 |
2021
Total
funds
£
488,698
29,659
78,482
2,339
599,178
57,279
98,825
170,713
2,230
54,955
384,002
392,100
607,276
2,534,811
3,142,087 |
2020
Total
funds
£
414,511
21,607
62,218
1,514
499,850
27,934
68,895
177,485
4,090
83,029
361,433
(307,281)
(168,864)
2,703,675
2,534,811 |
|
|
|
|
|
The notes form part of these financial statements
Page 8
INTELLIGENCE CORPS ASSOCIATION
BALANCE SHEET 31 DECEMBER 2021
Notes
FIXED ASSETS
Tangible assets
12
Heritage assets
13
Investments
14
CURRENT ASSETS
Stocks
15
Debtors
16
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
133
24,000
979,911
1,004,044
33,654
2,953
140,833
177,440
(10,750)
166,690
1,170,734
1,170,734 |
Restricted
fund
£
-
-
1,864,172
1,864,172
-
-
107,181
107,181
-
107,181
1,971,353
1,971,353 |
2021
Total
funds
£
133
24,000
2,844,083
2,868,216
33,654
2,953
248,014
284,621
(10,750)
273,871
3,142,087
3,142,087
1,170,734
1,971,353
3,142,087 |
2020
Total
funds
£
554
24,000
2,189,382
2,213,936
45,029
2,328
279,977
327,334
(6,459)
320,875
2,534,811
2,534,811
841,767
1,693,044
2,534,811 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
Trustee
The notes form part of these financial statements
Page 9
INTELLIGENCE CORPS ASSOCIATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Movement in fund managers cash balance
Cash transferred to fund managers
Interest received
Dividends received
Net cash used in investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period |
2021
£
152,157
152,157
(60,616)
(201,986)
29
78,453
(184,120)
(31,963)
279,977
248,014 |
2020
£
231,323
231,323
(30,564)
(400,000)
174
62,044
(368,346)
(137,023)
417,000
279,977 |
|
|
|
The notes form part of these financial statements
Page 10
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
1. |
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH |
FLOW FROM |
OPERATING ACTIVITIES |
OPERATING ACTIVITIES |
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Net income/(expenditure) for the reporting period (as per the |
|
|
|
|
Statement of Financial Activities) |
|
607,276 |
(168,864) |
|
Adjustments for: |
|
|
|
|
Depreciation charges |
|
422 |
422 |
|
(Gain)/losses on investments |
|
(392,100) |
307,281 |
|
Interest received |
|
(29) |
(174) |
|
Dividends received |
|
(78,453) |
(62,044) |
|
Decrease in stocks |
|
11,375 |
7,037 |
|
(Increase)/decrease in debtors |
|
(625) |
149,663 |
|
Increase/(decrease) in creditors |
|
4,291 |
(1,998) |
|
Net cash provided by operations |
|
152,157 |
231,323 |
2. |
ANALYSIS OF CHANGES IN NET FUNDS |
|
|
|
|
|
At 1.1.21 |
Cash flow |
At 31.12.21 |
|
|
£ |
£ |
£ |
|
Net cash |
|
|
|
|
Cash at bank and in hand |
279,977 |
(31,963) |
248,014 |
|
|
279,977 |
(31,963) |
248,014 |
|
Total |
279,977 |
(31,963) |
248,014 |
The notes form part of these financial statements
Page 11
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
CharitiesAct 2011. The financialstatementshave been preparedunder the historicalcost convention,with the
exception of investments which are included at market value.
Income
All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.
Day's Pay Scheme
Underthe scheme,a day'spayper annumis volunteeredby bothofficersandotherranksof the Corpsto The
IntelligenceCorpsAssociation.InordertocomplywiththeQueensRegulation,atleasthalfofthe funds
received by the charity are restricted and must be used for benevolent and welfare cases.
Intangible income
Intangibleincome,which comprisesdonatedservices,is includedin income at a valuationwhich is an estimate
of the financial cost borne by the donor.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedto thecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Grants offered subject to conditionswhich have not been met at the year end date are noted as a commitment
but not accrued as expenditure.
Investment assets and income
Investmentsarecarriedinthebalancesheetatmarketvalue.Surplusesanddeficitsarisingondisposals are
takento the statementof financialactivities.Unrealisedgains and losses includedin the statementof financial
activitiesarise as a result of the revaluationof investmentsto marketvalue at the balancesheet date. Realised
and unrealised gains are not separated in the statement of financial activities.
Tangible fixed assets
Depreciationis providedat the followingannualratesin order to write off each assetover its estimated useful
life.
Plant and machinery- 25% on cost
continued...
Page 12
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
1. ACCOUNTING POLICIES - continued
Heritage assets
The IntelligenceCorpsAssociationholdsheritageassetsin theformof commissionedpaintingswhichare held
to preserve the heritageof the IntelligenceCorps in order to fulfil its objectiveof promotingthe well-being and
efficiencyof His Majesty'sArmy, in particularthe IntelligenceCorps. These assets are includedat their cost and
not depreciated as they are deemed to not have a finite useful life.
Stocks
Stocksarevaluedatthelowerofcostandnetrealisablevalue,aftermakingdueallowanceforobsolete and
slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
Donations
Legacies
Grants
One days pay
Regional income
Intangible income - wages and salaries
Intangible income - rent, heat and light
Grants received, included in the above, are as follows:
Other grants |
2021
£
65,300
108,000
20,992
271,150
1,506
20,000
1,750
488,698
2021
£
20,992 |
2020
£
79,029
-
-
258,233
499
75,000
1,750 |
|
|
414,511 |
|
|
2020
£
- |
continued...
Page 13
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
3.
OTHER TRADING ACTIVITIES
Shop income
4.
INVESTMENT INCOME
Dividends
Deposit account interest
5.
RAISING FUNDS
Other trading activities
Opening stock
Purchases
Closing stock
Investment management costs
Portfolio management
Aggregate amounts |
2021
£
29,659
2021
£
78,453
29
78,482
2021
£
45,029
28,517
(33,654)
39,892
2021
£
17,387
57,279 |
2020
£
21,607
2020
£
62,044
174
62,218
2020
£
52,066
11,084
(45,029)
18,121
2020
£
9,813
27,934 |
|
|
|
continued...
Page 14
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
6. CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Relief of hardship and other
disadvantages
-
General charitable purposes
132,883
Commemoration and remembrance
2,230
Promotion of the well-being and
efficiency of her majesty's army
21,211
156,324
7.
GRANTS PAYABLE
Relief of hardship and other disadvantages
General charitable purposes
Promotion of the well-being and efficiency of her majesty's army |
Grant
funding of
activities
(see note
7)
£
98,825
20,941
-
33,744
153,510 |
Support
costs (see
note 8)
£
-
16,889
-
-
16,889
2021
£
98,825
20,941
33,744
153,510 |
Totals
£
98,825
170,713
2,230
54,955 |
|
|
|
326,723 |
|
|
|
2020
£
68,895
11,546
69,541 |
|
|
|
149,982 |
8. |
SUPPORT COSTS |
|
|
|
|
|
Information |
Governance |
|
|
|
technology |
costs |
Totals |
|
|
£ |
£ |
£ |
|
General charitable purposes |
6,757 |
10,132 |
16,889 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2021 nor for the year
ended 31 December 2020.
continued...
Page 15
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
9. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
During the year travel and subsistence expenses were paid on behalf of six trustee's totalling £3,122.
10. STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Management and administration |
2021
£
20,000
20,000
2021
3 |
2020
£
75,000 |
|
|
75,000 |
|
|
2020
3 |
No employees received emoluments in excess of £60,000.
Thewagesandsalariesfigureincludesdonatedservicesof£20,000(2020:£75,000)formembersof staff
employed by the Ministry of Defence based on the rates of pay in place during the period.
TheCorpsSecretaryisconsideredkeymanagementpersonnel,althoughthepostisfundedbytheMOD. The
total employee benefits for this post were £7,020.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Other trading activities
Investment income
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Relief of hardship and other disadvantages
General charitable purposes
Commemoration and remembrance
Promotion of the well-being and efficiency of
her majesty's army
Total |
Unrestricted
funds
£
252,408
21,607
23,129
1,514
298,658
21,801
-
134,060
259
83,022
239,142 |
Restricted
fund
£
162,103
-
39,089
-
201,192
6,133
68,895
43,425
3,831
7
122,291 |
Total
funds
£
414,511
21,607
62,218
1,514 |
|
|
|
499,850 |
|
|
|
27,934
68,895
177,485
4,090
83,029 |
|
|
|
361,433 |
continued...
Page 16
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 January 2021 and 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020 |
continued
Unrestricted
funds
£
(113,694)
(54,178)
895,945
841,767 |
Restricted
fund
£
(193,587)
(114,686)
1,807,730
1,693,044 |
Total
funds
£
(307,281)
(168,864)
2,703,675
2,534,811
Plant and
machinery
£
2,670
2,116
421
2,537
133
554 |
|
|
|
|
continued...
Page 17
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
13.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2021 and 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2021
Additions
Disposals
Net gains/(losses)
Invested cash movements
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
There were no investment assets outside the UK.
15.
STOCKS
2021
£
Stocks
33,654 |
Total
£
24,000
24,000
24,000
Listed
investments
£
2,189,382
686,119
(342,624)
352,161
(40,955)
2,844,083
2,844,083
2,189,382
2020
£
45,029 |
|
|
continued...
Page 18
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
17.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
18.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
382,935
Trading fund
31,848
Prize fund
120
414,903
Restricted funds
Benevolence fund
184,275
TOTAL FUNDS
599,178 |
At 1.1.21
£
756,028
81,414
4,325
841,767
1,693,044
2,534,811
Resources
expended
£
(188,685)
(41,558)
(770)
(231,013)
(152,989)
(384,002) |
|
2021
£
2,953
2021
£
6,471
187
4,092
10,750
Net
movement
in funds
£
339,327
(9,710)
(650)
328,967
278,309
607,276
Gains and
losses
£
145,077
-
-
145,077
247,023
392,100 |
2020
£
2,328
2020
£
3,628
-
2,831
6,459
At
31.12.21
£
1,095,355
71,704
3,675
1,170,734
1,971,353
3,142,087
Movement
in funds
£
339,327
(9,710)
(650)
328,967
278,309
607,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 19
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
TOTAL FUNDS |
At 1.1.20
£
811,586
79,344
5,015
895,945
1,807,730
2,703,675 |
Net
movement
in funds
£
(55,558)
2,070
(690)
(54,178)
(114,686)
(168,864) |
At
31.12.20
£
756,028
81,414
4,325 |
|
|
|
841,767
1,693,044 |
|
|
|
2,534,811 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
TOTAL FUNDS |
Incoming
resources
£
275,619
22,979
60
298,658
201,192
499,850 |
Resources
expended
£
(217,483)
(20,909)
(750)
(239,142)
(122,291)
(361,433) |
Gains and
Movement
losses
in funds
£
£
(113,694)
(55,558)
-
2,070
-
(690)
(113,694)
(54,178)
(193,587)
(114,686)
(307,281)
(168,864) |
|
|
|
|
continued...
Page 20
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
TOTAL FUNDS |
At 1.1.20
£
811,586
79,344
5,015
895,945
1,807,730
2,703,675 |
Net
movement
in funds
£
283,769
(7,640)
(1,340)
274,789
163,623
438,412 |
At
31.12.21
£
1,095,355
71,704
3,675 |
|
|
|
1,170,734
1,971,353 |
|
|
|
3,142,087 |
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Incoming
resources
£
Unrestricted funds
General fund
658,554
Trading fund
54,827
Prize fund
180
713,561
Restricted funds
Benevolence fund
385,467
TOTAL FUNDS
1,099,028 |
Resources
expended
£
(406,168)
(62,467)
(1,520)
(470,155)
(275,280)
(745,435) |
Gains and
Movement
losses
in funds
£
£
31,383
283,769
-
(7,640)
-
(1,340)
31,383
274,789
53,436
163,623
84,819
438,412 |
|
|
|
Unrestricted funds
The charity'sgeneral fund consists of funds which the trustees are free to use in accordancewith the charitable
objects
Thetradingfundconsistsoffundsrelatingtotheoperationofthecharity'sshopandothertrading activities,
the proceeds of which are available for use in accordance with the charitable objects.
Theprizefundconsistsoffundsthatthetrusteeshavesetasidetobepaidinprizesinordertopromote the
Corps in line with the charity's objects.
Restricted funds
continued...
Page 21
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021
18. MOVEMENT IN FUNDS - continued
The charity'sbenevolentfund may only be appliedtowards the cost of supportingthe families and members of
theCorpsinreliefandhardship.Incomereceivedintothefundcanonlybeusedforbenevolentand welfare
cases, in line with the charity's policy.
19. RELATED PARTY DISCLOSURES
The Military Intelligence Museum
Duringtheyearthecharitypaidgrantsof£15,000totheMilitaryIntelligenceMuseumforthepurpose of
educating the public in the role, history, traditions, customs and ethos of the corps.
Page 22
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
INCOME AND ENDOWMENTS
Donations and legacies
Donations
Legacies
Grants
One days pay
Regional income
Intangible income - wages and salaries
Intangible income - rent, heat and light
Other trading activities
Shop income
Investment income
Dividends
Deposit account interest
Other income
Postage and packing
Other income
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
Profit share to Military Intelligence Museum
Closing stock
Investment management costs
Portfolio management
Charitable activities
Wages
Carried forward |
2021
£
65,300
108,000
20,992
271,150
1,506
20,000
1,750
488,698
29,659
78,453
29
78,482
2,339
-
2,339
599,178
45,029
28,517
-
(33,654)
39,892
17,387
20,000
20,000 |
2020
£
79,029
-
-
258,233
499
75,000
1,750
414,511
21,607
62,044
174
62,218
1,444
70
1,514
499,850
52,066
9,014
2,070
(45,029)
18,121
9,813
75,000
75,000 |
|
|
|
This page does not form part of the statutory financial statements
Page 23
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
Charitable activities
Brought forward
Insurance
Postage and stationery
Sundries
Regional expenses
Staff costs
Intelligencer prize costs
ICAREC costs
Parritt prize costs
Journal costs
Functions
Presentations
Other property expenses
Funeral costs
Memorials
Donations
Welfare travel
80th Anniversary
Bank charges
Exchange rate variances
Plant and machinery
Grants
Support costs
Information technology
Website costs (inc SCRM)
Governance costs
Independent examiner's
IE non-IE work
Professional fees
Corps governance
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Net gains/(losses) on investments
Net income/(expenditure) |
2021
£
20,000
886
2,504
1,289
5,664
8,997
250
1,081
250
16,037
85,114
1,211
2,204
-
2,230
-
7,031
-
702
452
422
153,510
309,834
6,757
1,710
5,300
-
3,122
10,132
384,002
215,176
392,100
607,276 |
2020
£
75,000
924
4,824
231
7,155
1,656
250
144
250
16,289
12,378
987
2,295
975
2,597
9,250
40
17,720
532
-
422
149,982
303,901
20,458
1,620
5,188
360
1,972
9,140
361,433
138,417
(307,281)
(168,864) |
|
|
|
This page does not form part of the statutory financial statements
Page 24