``` 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 Deputy Colonel Commandant (as Chair)` - `4 additional ex officio Trustees` - `2 Nominated Trustee` - `5 co-opted trustees.` ``` The ex-officio trustees ('the office holders') for the time being are: ``` - `The Deputy Colonel Commandant` - `The Corps Colonel` - `The Colonel Reserves` - `The Corps Sergeant Major` - `Chair Intelligence Corps Association Resettlement and Employment Cell (ICAREC)` ``` 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 ```