REGISTERED CHARITY NUMBER: 1175211
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 2022
|
Page |
Report of the Trustees |
1 to 7 |
Independent Examiner's Report |
8 |
Statement of Financial Activities |
9 |
Balance Sheet |
10 |
Cash Flow Statement |
11 |
Notes to the Cash Flow Statement |
12 |
Notes to the Financial Statements |
13 to 24 |
Detailed Statement of Financial Activities |
25 to 26 |
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2022.
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 His 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.
Page 1
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
OBJECTIVES AND ACTIVITIES
Benevolent fund spending
Duringthereportingperiodtotalexpenditure,beforegains/lossesoninvestments,fromtheBenevolentFund was
£118,338whichwas 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
processingofallgrantrequests.Thesub-committeecomprises:CorpsSecretary(Chair),CorpsCOS,Corps Sergeant
Major and the WarrantOfficer (Trade Training),Templer Company.Whilst loans are occasionallyapproved,this is very
muchbyexception,astheTrusteesprefertomakeagranttoalleviatehardship.Unanimousagreementon whether,
andhowmuchtoaward,isrequiredforeveryapplicationputtothecommittee.Forgrantsover£5,000but below
£10,000theCorpsColonelandDeputyColonelCommandantarerequiredtogiveapprovalinadditiontothe Grants
andBenevolenceSubCommittee.Forgrantsabove£10,000TrusteeBoardendorsementisrequired.Allgrants 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.
CorpsPadre-TrusteesagreedthatasmallstipendbemadeavailabletoretaintheservicesoftheHonorary Corps
Padre,specificallyintheareaofwelfaresupportandalsoregularleadershipbriefingstoPhaseTwotrainees. The
HonoraryCorps Padreretiredfrom servicelife in late 2021after15 yearsof serviceto the Corps;the stipendand TOR
will be reviewed on an annual basis.
Page 2
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
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
Duringtheyearto31December2022thetotalexpenditure,beforegains/lossesoninvestments,was£519,405. 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 3
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENT AND PERFORMANCE Charitable activities
Trustees agreed that two new funds, the Svendsen BenevolenceFund (SBF) and the new Purpose Fund (NPF), be made
availabletomembersfromQ3.The£430,000SBF,bequeathedtoICAbyLtCol(retired)NormanSvendsen, and
£350,000NPFwill be releasedin equalamountsover10 yearsensuringcontinuedsupportata guaranteedlevel. The
SBFwillprovidesupportforrespitebreaksformembersandimmediatefamilies;theNPFisdirectedatsupport to
familiesstrugglingto keep up with the ever-increasingcostof living,exacerbatedby the turmoilof Army life. All grant
applicationsareconsideredbytheGrantsandBenevolenceSub-Committee(referencedabove),withinitialtake up
seeing over £6,000 allocated from the SBF and over £2,000 from the NPF.
Otherareastrusteeswere pleasedto help with includedthe adaptationof the houseof the servingwarrantofficer to
enable their young permanentlywheelchair-boundchild to navigatethe house more easily.The total requirement was
for £60,000towardswhich the Associationprovidedover 1/3 with the remainderfoundfrom a collaboration between
the TRL, RBL Women's Service and the ABF. The adaptationsincluded creating a downstairsbedroom and adjacent wet
room,andappropriatemobilityvehicleaccesstothegardenanddriveareas.Thissupporthasincreasedthe living
experience of the whole family and enabled the serving soldier to remain fully operational for Army duties.
SupportingfamilylifeisacrucialaspectofAssociationcharitablegiving,withanincreaseinrequestsfrom serving
familiesnoticeable,particularlyin mentalhealthsupport.Examplesincludecounsellingfor a seniorofficer'schild with
self-harmtendencies,andawarrantofficer'steenagerwithsignificantangerissues.Aseriesofsessions with
appropriatehealthcareprofessionals,not availablein a timely manner through either the military healthcaresystem or
the NHS, ameliorated both issues.
Supportto veteranscontinuedat a steadydrum beat.Trusteeswere particularlypleasedto providegenerous support
toaveteranwhohadlostbothhislowerlimbstosepsisthroughthepurchaseofaspecialisedrugbywheelchair to
enablehiscontinuedrehabilitationpostoperation.Theveteranhasprogressedthroughthelevelsofdisabled rugby
andhopestoparticipateatrepresentationallevelattheInvictusGames.Inmoreroutinematter,annual stipend
continues to maintain an elderly veteran in a home in Malaya.
Serving members of the Corps have returned to their pre-Covid levels of sporting and adventuroustraining activity with
Trusteepleasedtoprovidesupportacrossmultipleactivities,including,butnotlimitedtoclaypigeonshooting, Army
skiingcompetitions,cyclingandtriathlon,offshoresailingandnetball.Intotalabout£150,000wasmadeingrants to
support this area of Association life.
TosupporthistoryandCorpsethos,grantsweremadeacrossavarietyofareas,includingtherenovationof the
weathervane,originallylocatedatTemplerBarracks,Ashford,andtransportedtoChicksandsinwhenthe Corps
relocatedin1999,whichhadfallenintodisrepair,butnowsitssplendidlyatoptheTemplerTrainingCompany lines.
Boththe1stand4thBattalionsweresupportedwithgenerousdonationstocommissionaSilverPieceandan Ethos
RoomintheHQrespectively.TomarktheeffortundertakenbysoldiersandofficersfromtheCorpswhoparaded in
supportofthefuneralofHerMajestytheQueen,trusteeswerehappytoprovideadonationtosupportameal out
after that momentous occasion.
Finally,Trusteeswere pleasedto be able to assist the MilitaryIntelligenceMuseum by way of a £10,000stipendand a
£500 donation to the RBLY Services Branch towards upkeep of its memorial site at the National Memorial Arboretum.
Page 4
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
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
budget and management of reserves.
General
Totalincomefortheyearamountedto£490,243(2021:£599,178).Totalexpenditureamountedto£519,405 (2021:
£384,002).TheFundhadtotalnetoutgoingresourcesfortheyearof£29,162(2021:netincomingresources of
£215,176),beforerealisedandunrealisedlossesoninvestmentsof £346,625(2021:gainsof £392,100).Therewas an
overalldeficitfortheyearof£375,787(2021:surplusof£607,276).Totalfunds(includinginvestments)to carry
forward at 31 December 2022 were £2,766,300 (2021: £3,142,087).
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 5
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2022
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 support the 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, whilst supporting unit led Corps Day events wherever Corps personnel are deployed.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document and is constituted as a charitable incorporated organisation.
Organisational structure
Thereductionfrom18to12trusteeshasimproveddecisionmakingandincreasedresponsetime,whilereducing the
lengthoftimespentincommittee.FullusehasbeenmadeofITtoenableTrusteecommunicationsduring lockdown
periods.
TheIntelligenceCorpsAssociationhasaverysmalltradingoperation,whichisusedinpursuanceofits primary
purpose.ItiseffectivelyaserviceforICAmembers,enablingthemtopurchasearticlessuchasnon-issueitems of
uniform(badges,berets,stable-beltsandbuttons);Corpsmementoes;andintelligence-relatedbooks.Stable belts,
badgesofrankandtactical'flashes'aregiftedfromthistradingoperationtoallsoldiersandofficers,Regular and
Reserve, when they successfullypass IntelligenceCorps trade trainingand join the Association;trustees agreed to fund
these costs from the annual budget.
Appointment of Trustees
The Trustee Board comprises 12 Trustees:
The ex-officio trustees ('the office holders') for the time being are:
Page 6
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 7
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 2022.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof 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 member of the Instituteof CharteredAccountants in
England and Wales, which is 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
The Institute of Chartered Accountants in England and Wales
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
Date: .............................................
Page 8
INTELLIGENCE CORPS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
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 his
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
£
310,885
35,690
28,818
7,840
383,233
45,171
180
108,401
53,098
194,217
401,067
(128,251)
(146,085)
1,170,734
1,024,649 |
Restricted
funds
£
58,353
10
48,647
-
107,010
12,082
87,416
13,027
4,413
1,400
118,338
(218,374)
(229,702)
1,971,353
1,741,651 |
2022
Total
funds
£
369,238
35,700
77,465
7,840
490,243
57,253
87,596
121,428
57,511
195,617
519,405
(346,625)
(375,787)
3,142,087
2,766,300 |
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 |
The notes form part of these financial statements
Page 9
INTELLIGENCE CORPS ASSOCIATION
BALANCE SHEET 31 DECEMBER 2022
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
£
413
24,000
900,985
925,398
40,434
4,772
65,231
110,437
(11,186)
99,251
1,024,649
1,024,649 |
Restricted
funds
£
-
-
1,729,785
1,729,785
-
-
11,866
11,866
-
11,866
1,741,651
1,741,651 |
2022
Total
funds
£
413
24,000
2,630,770
2,655,183
40,434
4,772
77,097
122,303
(11,186)
111,117
2,766,300
2,766,300
1,024,649
1,741,651
2,766,300 |
2021
Total
funds
£
133
24,000
2,844,083
2,868,216
33,654
2,953
248,013
284,620
(10,749)
273,871
3,142,087
3,142,087
1,170,734
1,971,353
3,142,087 |
|
|
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:
.............................................
Trustee
The notes form part of these financial statements
Page 10
INTELLIGENCE CORPS ASSOCIATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
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 |
2022
£
(114,519)
(114,519)
(550)
(58,312)
(75,000)
247
77,218
(56,397)
(170,916)
248,013
77,097 |
2021
£
152,156
152,156
-
(60,616)
(201,986)
29
78,453
(184,120)
(31,964)
279,977
248,013 |
|
|
|
The notes form part of these financial statements
Page 11
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses/(gain) on investments
Interest received
Dividends received
(Increase)/decrease in stocks
Increase in debtors
Increase in creditors
Net cash (used in)/provided by operations |
2022
£
(375,787)
270
346,625
(247)
(77,218)
(6,780)
(1,819)
437
(114,519) |
2021
£
607,276
422
(392,100)
(29)
(78,453)
11,375
(625)
4,290 |
|
|
152,156 |
2. ANALYSIS OF CHANGES IN NET FUNDS
|
At 1.1.22 |
Cash flow |
At 31.12.22 |
|
£ |
£ |
£ |
Net cash |
|
|
|
Cash at bank and in hand |
248,013 |
(170,916) |
77,097 |
|
248,013 |
(170,916) |
77,097 |
Total |
248,013 |
(170,916) |
77,097 |
The notes form part of these financial statements
Page 12
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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
IntelligenceCorps Association.In order to complywith the King's Regulation,at least half of the funds received
bythecharitywererestrictedandusedforbenevolentandwelfarecases.Duetochangesmadein the
Regulation,theTrusteesformallyamendedtheirpolicytotreatalloneday'spayincomeasunrestrictedas of
May 2022.
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 13
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
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 |
2022
£
48,651
3,250
20,000
274,597
990
20,000
1,750
369,238
2022
£
20,000 |
2021
£
65,300
108,000
20,992
271,150
1,506
20,000
1,750 |
|
|
488,698 |
|
|
2021
£
20,992 |
continued...
Page 14
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
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 |
2022
£
35,700
2022
£
77,218
247
77,465
2022
£
33,654
45,052
(40,434)
38,272
2022
£
18,981
57,253 |
2021
£
29,659
2021
£
78,453
29
78,482
2021
£
45,029
28,517
(33,654)
39,892
2021
£
17,387
57,279 |
|
|
|
continued...
Page 15
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
6. CHARITABLE ACTIVITIES COSTS
Direct
Costs
£
Relief of hardship and other
disadvantages
17,267
General charitable purposes
85,767
Commemoration and remembrance
57,511
Promotion of the well-being and
efficiency of his majesty's army
15,633
176,178
7.
GRANTS PAYABLE
Relief of hardship and other disadvantages
General charitable purposes
Promotion of the well-being and efficiency of his majesty's army |
Grant
funding of
activities
(see note
7)
£
70,329
13,489
-
179,984
263,802 |
Support
costs (see
note 8)
£
-
22,172
-
-
22,172
2022
£
70,329
13,489
179,984
263,802 |
Totals
£
87,596
121,428
57,511
195,617 |
|
|
|
462,152 |
|
|
|
2021
£
98,825
20,941
33,744 |
|
|
|
153,510 |
8. |
SUPPORT COSTS |
|
|
|
|
|
Information |
Governance |
|
|
|
technology |
costs |
Totals |
|
|
£ |
£ |
£ |
|
General charitable purposes |
6,888 |
15,284 |
22,172 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2022 nor for the year
ended 31 December 2021.
continued...
Page 16
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
9. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
Duringtheyeartravelandsubsistenceexpenseswerepaidonbehalfofsixtrustee'stotalling£3,688 (2021:
£3,122).
10. STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Management and administration |
2022
£
20,000
20,000
2022
3 |
2021
£
20,000 |
|
|
20,000 |
|
|
2021
3 |
No employees received emoluments in excess of £60,000.
Thewagesandsalariesfigureincludesdonatedservicesof£20,000(2021:£20,000)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
his majesty's army |
Unrestricted
funds
£
353,848
29,659
29,057
2,339
414,903
46,325
-
146,214
886
37,588 |
Restricted
funds
£
134,850
-
49,425
-
184,275
10,954
98,825
24,499
1,344
17,367 |
Total
funds
£
488,698
29,659
78,482
2,339 |
|
|
|
599,178 |
|
|
|
57,279
98,825
170,713
2,230
54,955 |
continued...
Page 17
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 January 2022
Additions
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021 |
continued
Unrestricted
funds
£
231,013
145,077
328,967
841,767
1,170,734 |
Restricted
funds
£
152,989
247,023
278,309
1,693,044
1,971,353 |
Total
funds
£ |
|
|
|
384,002 |
|
|
|
392,100 |
|
|
|
607,276
2,534,811 |
|
|
|
3,142,087 |
|
|
|
Plant and
machinery
£
6,881
550
7,431
6,748
270
7,018
413
133 |
continued...
Page 18
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
13.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2022 and 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
14.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2022
Additions
Disposals
Net gains/(losses)
Invested cash movements
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
There were no investment assets outside the UK.
15.
STOCKS
2022
£
Stocks
40,434 |
Total
£
24,000
24,000
24,000
Listed
investments
£
2,844,083
487,052
(351,900)
(268,030)
(80,435)
2,630,770
2,630,770
2,844,083
2021
£
33,654 |
|
|
continued...
Page 19
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
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
At 1.1.22
£
Unrestricted funds
General fund
1,095,355
Trading fund
71,704
Prize fund
3,675
1,170,734
Restricted funds
Benevolence fund
1,971,353
New Purpose Fund
-
Svendsen Benevolence Fund
-
1,971,353
TOTAL FUNDS
3,142,087 |
Net
movement
in funds
£
(143,720)
(3,565)
1,200
(146,085)
(221,456)
(2,149)
(6,097)
(229,702)
(375,787) |
2022
£
4,772
2022
£
6,485
187
4,514
11,186
Transfers
between
funds
£
4,875
-
(4,875)
-
(52,000)
23,333
28,667
-
- |
2021
£
2,953
2021
£
6,470
187
4,092
10,749
At
31.12.22
£
956,510
68,139
- |
|
2021
£
2,953 |
|
|
|
|
|
2021
£
6,470
187
4,092 |
|
|
|
|
10,749 |
|
|
|
|
1,024,649
1,697,897
21,184
22,570 |
|
|
|
|
|
1,741,651 |
|
|
|
|
|
2,766,300 |
|
|
continued...
Page 20
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
18. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
New Purpose Fund
Svendsen Benevolence Fund
TOTAL FUNDS |
Incoming
resources
£
346,354
35,679
1,200
383,233
107,010
-
-
107,010
490,243 |
Resources
expended
£
(361,823)
(39,244)
-
(401,067)
(110,092)
(2,149)
(6,097)
(118,338)
(519,405) |
Gains and
Movement
losses
in funds
£
£
(128,251)
(143,720)
-
(3,565)
-
1,200
(128,251)
(146,085)
(218,374)
(221,456)
-
(2,149)
-
(6,097)
(218,374)
(229,702)
(346,625)
(375,787) |
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
TOTAL FUNDS |
At 1.1.21
£
756,028
81,414
4,325
841,767
1,693,044
2,534,811 |
Net
movement
in funds
£
339,327
(9,710)
(650)
328,967
278,309
607,276 |
At
31.12.21
£
1,095,355
71,704
3,675 |
|
|
|
1,170,734
1,971,353 |
|
|
|
3,142,087 |
continued...
Page 21
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
18. MOVEMENT IN FUNDS - continued
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
£
382,935
31,848
120
414,903
184,275
599,178 |
Resources
expended
£
(188,685)
(41,558)
(770)
(231,013)
(152,989)
(384,002) |
Gains and
Movement
losses
in funds
£
£
145,077
339,327
-
(9,710)
-
(650)
145,077
328,967
247,023
278,309
392,100
607,276 |
|
|
|
|
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
New Purpose Fund
Svendsen Benevolence Fund
TOTAL FUNDS |
At 1.1.21
£
756,028
81,414
4,325
841,767
1,693,044
-
-
1,693,044
2,534,811 |
Net
movement
in funds
£
195,607
(13,275)
550
182,882
56,853
(2,149)
(6,097)
48,607
231,489 |
Transfers
between
funds
£
4,875
-
(4,875)
-
(52,000)
23,333
28,667
-
- |
At
31.12.22
£
956,510
68,139
- |
|
|
|
|
1,024,649
1,697,897
21,184
22,570 |
|
|
|
|
1,741,651 |
|
|
|
|
2,766,300 |
continued...
Page 22
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
18. MOVEMENT IN FUNDS - continued
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Incoming
resources
£
Unrestricted funds
General fund
729,289
Trading fund
67,527
Prize fund
1,320
798,136
Restricted funds
Benevolence fund
291,285
New Purpose Fund
-
Svendsen Benevolence Fund
-
291,285
TOTAL FUNDS
1,089,421 |
Resources
expended
£
(550,508)
(80,802)
(770)
(632,080)
(263,081)
(2,149)
(6,097)
(271,327)
(903,407) |
Gains and
Movement
losses
in funds
£
£
16,826
195,607
-
(13,275)
-
550
16,826
182,882
28,649
56,853
-
(2,149)
-
(6,097)
28,649
48,607
45,475
231,489 |
|
|
|
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
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.
Thepurposeof theSvendsenBenevolentFundis topromotehealth,well-beingandmentalfitnessby funding
theaccommodationchargesofrespitebreaksforqualifyingmembersseekingtode-stress,rehabilitateor just
needingtime away.As thesehealthissuescan affectanyoneandare no respecterof rankor status,the SBF is
opentoall,irrespectiveofrankorlengthofservice.Thelengthofrespitebreakswouldnormallybeupto a
week, althoughlonger stays will be consideredon a case-by-casebasis.It would be unusualfor more than one
SBF-funded respite break to be authorised for applicants each year
continued...
Page 23
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022
18. MOVEMENT IN FUNDS - continued
Theconceptof theNew PurposeFundis broad-ranging,andincludes,butnotlimitedtotheseven recognised
charitableeffects outlined in the Army Charities Policy: "benevolence and relief of hardship;welfare, health and
wellbeing;strengtheningespritde corps;employment,educationand training;sport and Adventurous Training
(AT)[1][2];preservingandpresentingheritage;andengagingandinspiringyoungpeople."TheNPFwill enable
ICAtofundsomepreviouslyunfundedwelfareareas,andenableincreasedfundinglevelstothosealready in
place.
Transfers between funds
Duringtheperiod,a transferfromtheprizetothegeneralfundhasbeenagreedbythetrusteesasitwas felt
necessary in order to correctly state the fund balances reported at the end of the period.
19. RELATED PARTY DISCLOSURES
The Military Intelligence Museum
Duringtheyearthecharitypaidgrantsof£7,500totheMilitaryIntelligenceMuseumforthepurpose of
educating the public in the role, history, traditions, customs and ethos of the corps.
Page 24
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
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
Corps day
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
Closing stock
Investment management costs
Portfolio management
Charitable activities
Wages
Carried forward |
2022
£
48,651
3,250
20,000
274,597
990
20,000
1,750
369,238
35,700
77,218
247
77,465
-
7,840
7,840
490,243
33,654
45,052
(40,434)
38,272
18,981
20,000
20,000 |
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 |
|
|
|
This page does not form part of the statutory financial statements
Page 25
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
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
Corps governance
Total resources expended
Net (expenditure)/income before gains and
losses
Realised recognised gains and losses
Net gains/(losses) on investments
Net (expenditure)/income |
2022
£
20,000
886
5,049
2,336
11,647
4,192
-
1,937
-
21,248
65,999
771
2,542
6,498
10,500
5,000
13,495
3,470
413
(75)
270
263,802
439,980
6,888
1,944
5,846
7,494
15,284
519,405
(29,162)
(346,625)
(375,787) |
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 |
This page does not form part of the statutory financial statements
Page 26