REGISTERED CHARITY NUMBER: 1175211
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023
|
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 23 |
Detailed Statement of Financial Activities |
24 to 25 |
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2023.
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.
-
Dependents 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
£115,204whichwas 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.
Page 1
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
OBJECTIVES AND ACTIVITIES
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-TrusteesagreedthatasmallstipendbecontinuedtoretaintheservicesoftheHonoraryCorps Padre,
specifically in the area of welfare supportand also regularleadershipbriefingsto Phase Two trainees.The stipend and
TOR will be reviewed on an annual basis.
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
Duringthe year to 31 December2023 the totalexpenditure,before gains/losseson investments,was £525,604 (2022:
£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) was rebranded as ICA ROSE, and 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 2023
ACHIEVEMENT AND PERFORMANCE Charitable activities
Trusteeswerepleasedtobeabletosupportallgenuinewelfareandbenevolencerequests,withthe aforementioned
Grants&BenevolenceCommitteenotingthenumberofrequestsfromtheservingcommunityincreasing, continuing
the trendover the lastfew years.Of concernis the apparentinabilityof the Army (or Defence)to keep pacewith the
increasingrequirementformentalhealthsupport,andunlessmorecapabilityismadeavailable,orthe demand
reduces,Trusteesanticipatecontinuingandmorerequestsfromservingpersonnelto'buy-out'thelackof military
capacityinthisarea.ExamplesofwhereTrusteeshavebenabletoassistaretheincreasinguseofthe Svendsen
BenevolentFundforrespitebreaks,andbyfunding,orpartfunding,counsellingsessionsforservicepersonnel, rank
ranged corporal to colonel, who cannot access military assistancein a timely manner due to an up-to six-month waiting
list.
Welfaresupportcontinuedtobeabroadchurch,andincludedassistingaveteranin50%ofthethecostof knee
replacementswhen qualityof life was reduced to unbearablelevels and the NHS trust could offer no service. A serving
warrantofficerreceivedfundingtoassistinthecostofhavinghischildrenassessedforautismandADHD. Ordinarily
this service is availablethroughthe local council,however, the waiting list was such that as the soldier got towards the
top of the list, he was assignedaway from the area thus fallingunder a differencecounciland returningto the bottom
of theirlist.By goingprivate,a reportenabledfor provisionof additionalmeasuresfor bothchildrenatschooland at
home, thus reducingsignificantlythe number of interventionsrequiredof the service person when summonsedby the
schooltotakedisruptivechildrenhome.Moreroutinely,Trusteesweredelightedtoagreetoupto100Amazon Gift
cards,value£20each,to be sentwitha ChristmasCardto all IntelligenceCorpspersonneldeployedawayfrom home
at Christmas.
It was unfortunatethatthe Army had to place a moratoriumof AdventureTrainingactivitiesas an in-yearcost saving,
resulting in less requests for support to the Association.However, some Adventure Training did take place and Trustees
were happyto supportsix Cyprusbased personnelin their remote high altitudeHimalayanexpedition;a single NCO in
paragliding;18xreservepersonnel,mainlyJNCOs,weresupportedinacross-countryskiingexpeditionand nine
personnel where supported in their participation in the annual Nijmegen Military Marches.
Sporting activity flourished this year, and Trustees were very keen to support those seeking to achieve at high levels. To
that end, a significantamount of funding was made available to the Corps Road Cycling team to enable four road cycles
to be purchased,giving individualsin the team the best opportunityto gain Army places in 2024. The Corps skiers were
heavilysubsidisedto enable attendanceat the Army championshipsat the end of the year, with high hopes of at least
one making the Army team, in what would be first for the Corps; and the Athleticsteam were funded to run a training
campto get to elite standard,with one member a potentialTri-Serviceor possiblyTeam GB candidate,emerging. The
total dispersed on sporting endeavors was over £100,000.
Inanewdeparture,TrusteeswerekeentosupportthenascentIntelligenceCorpsDiversityandInclusion (D&I)
networkwithagranttoenableattendanceofavarietyoftrainingcourses.Theyalsopartfundedattendanceat the
Defense LBGT Awards at which two IntelligenceCorps personnelreceived awards. FurtheringEsprit de Corps and team
building,asignificantsumspentonavarietyofevents,includingCorpsDay,supporttotheWarrantOfficers' and
Sergeants' Messes, the Central Officers Mess, and unit Christmas all-ranks social events.
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 3
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
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£512,154(2022:£490,243).Totalexpenditureamountedto£525,604 (2022:
£519,405).TheFundhadtotalnetoutgoingresourcesfortheyearof£13,450(2022:£29,162),beforerealised and
unrealisedgainsoninvestmentsof£61,795(2022:lossesof£346,625).Therewasanoverallsurplusfortheyear of
£61,795(2022:deficitof£375,787).Totalfunds(includinginvestments)tocarryforwardat31December2023 were
£2,814,645 (2022: £2,766,300).
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.
Both the SvendsenBenevolenceand New PurposeFunds will continueto be funded from within Reserves for a further
eightyears.Trusteesconsiderthatthecontinuedaccumulationof theremaininginvestmentincomewill 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
free unrestrictedreserves.Althoughthe economicimpactof Covid-19and subsequentworld events have affected our
reserves'values,ourfinancialresilienceissuchthatithasnotimpairedourabilitytocontinuetheprovision of
benevolence.
Page 4
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2023
FUTURE PLANS
Largenumbersofourofficersandsoldierscontinuetobeeitherdeployedon,ordirectlysupporting, current
operationsanditisnoticeablethatthereisasteadyincreaseinrequestsforsupportcomingfromthe serving
community,especiallyintheareaofwelfareandMentalHealthsupport.Alerttothistrend,Trusteesarekeen to
ensure that sufficientsupportis in place in 2024 throughthe release of funds from investmentsto cover these aspects
should the need arise.
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
TheChairofTrusteesstooddownafteraverysuccessfulfive-yeartenure,andanewlyappointedDeputy Colonel
Commandanttook over as Chair for five years on 1 January 2023. The number of Trustees remained at 12, although the
addition of a Diversity and Inclusion (D&I) advisor was created this year. The D&I advisor is a permanent member of the
Board and holds a senior position in the Intelligence Corps D&I Network.
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 5
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
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 2023.
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 7
INTELLIGENCE CORPS ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
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
£
381,403
43,789
30,296
6,013
461,501
52,788
330
107,469
61,945
187,868
410,400
22,864
73,965
1,024,649
1,098,614 |
Restricted
funds
£
-
-
50,653
-
50,653
11,742
68,469
25,007
2,235
7,751
115,204
38,931
(25,620)
1,741,651
1,716,031 |
2023
Total
funds
£
381,403
43,789
80,949
6,013
512,154
64,530
68,799
132,476
64,180
195,619
525,604
61,795
48,345
2,766,300
2,814,645 |
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 |
|
|
|
|
|
The notes form part of these financial statements
Page 8
INTELLIGENCE CORPS ASSOCIATION
BALANCE SHEET 31 DECEMBER 2023
Notes
FIXED ASSETS
Tangible assets
13
Heritage assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
18
CREDITORS
Amounts falling due within one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
276
24,000
935,554
959,830
38,559
2,764
109,934
151,257
(12,473)
138,784
1,098,614
1,098,614 |
Restricted
funds
£
-
-
1,788,647
1,788,647
-
-
(72,616)
(72,616)
-
(72,616)
1,716,031
1,716,031 |
2023
Total
funds
£
276
24,000
2,724,201
2,748,477
38,559
2,764
37,318
78,641
(12,473)
66,168
2,814,645
2,814,645
1,098,614
1,716,031
2,814,645 |
2022
Total
funds
£
414
24,000
2,630,770
2,655,184
40,434
4,772
77,096
122,302
(11,186)
111,116
2,766,300
2,766,300
1,024,649
1,741,651
2,766,300 |
|
|
|
|
|
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 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Movement in fund managers cash balance
Cash transferred (to)/from fund managers
Interest received
Dividends received
Net cash provided by/(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 |
2023
£
(89,094)
(89,094)
-
(61,636)
30,000
547
80,405
49,316
(39,778)
77,096
37,318 |
2022
£
(114,519)
(114,519)
(551)
(58,312)
(75,000)
247
77,218
(56,398)
(170,917)
248,013
77,096 |
|
|
|
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 2023
1. |
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH |
FLOW FROM |
OPERATING ACTIVITIES |
OPERATING ACTIVITIES |
|
|
|
|
2023 |
|
2022 |
|
|
|
£ |
|
£ |
|
Net income/(expenditure) for the reporting period (as per the |
|
|
|
|
|
Statement of Financial Activities) |
|
48,345 |
(375,787) |
|
|
Adjustments for: |
|
|
|
|
|
Depreciation charges |
|
138 |
|
270 |
|
(Gain)/losses on investments |
|
(61,795) |
346,625 |
|
|
Interest received |
|
(547) |
|
(247) |
|
Dividends received |
|
(80,405) |
(77,218) |
|
|
Decrease/(increase) in stocks |
|
1,875 |
|
(6,780) |
|
Decrease/(increase) in debtors |
|
2,008 |
|
(1,819) |
|
Increase in creditors |
|
1,287 |
|
437 |
|
Net cash used in operations |
|
(89,094) |
(114,519) |
|
2. |
ANALYSIS OF CHANGES IN NET FUNDS |
|
|
|
|
|
|
At 1.1.23 |
Cash flow |
At 31.12.23 |
|
|
|
£ |
£ |
|
£ |
|
Net cash |
|
|
|
|
|
Cash at bank and in hand |
77,096 |
(39,778) |
|
37,318 |
|
|
77,096 |
(39,778) |
|
37,318 |
|
Total |
77,096 |
(39,778) |
|
37,318 |
The notes form part of these financial statements
Page 11
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 12
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
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 |
2023
£
52,678
-
20,000
282,223
4,752
20,000
1,750
381,403
2023
£
20,000 |
2022
£
48,651
3,250
20,000
274,597
990
20,000
1,750 |
|
|
369,238 |
|
|
2022
£
20,000 |
continued...
Page 13
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
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 |
2023
£
43,789
2023
£
80,402
547
80,949
2023
£
40,434
44,017
(38,559)
45,892
2023
£
18,638
64,530 |
2022
£
35,700
2022
£
77,218
247
77,465
2022
£
33,654
45,052
(40,434)
38,272
2022
£
18,981
57,253 |
|
|
|
continued...
Page 14
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
6. CHARITABLE ACTIVITIES COSTS
Relief of hardship and other
disadvantages
General charitable purposes
Commemoration and remembrance
Promotion of the well-being and
efficiency of his majesty's army
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Insurance
Postage and stationery
Sundries
Regional expenses
Staff costs
ICAREC costs
Journal costs
Functions
Presentations
Other property expenses
Funeral costs
Memorials
Donations
Welfare travel
80th Anniversary
Bank charges
Exchange rate variances
Depreciation |
Direct
Costs (see
note 7)
£
-
82,110
64,180
23,992
170,282 |
Grant
funding of
activities
(see note
8)
£
68,799
20,008
-
171,627
260,434 |
Support
costs (see
note 9)
£
-
30,358
-
-
30,358
2023
£
20,000
886
2,789
577
23,203
7,511
322
15,690
75,921
-
3,384
(1,454)
9,146
1,050
10,889
-
100
130
138
170,282 |
Totals
£
68,799
132,476
64,180
195,619
461,074
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
176,178 |
|
|
|
|
|
continued...
Page 15
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
8. GRANTS PAYABLE
GRANTS PAYABLE |
|
|
Relief of hardship and other disadvantages
General charitable purposes
Promotion of the well-being and efficiency of his majesty's army |
2023
£
68,799
20,008
171,627
260,434 |
2022
£
70,329
13,489
179,984 |
|
|
263,802 |
9. SUPPORT COSTS
|
Information |
Governance |
|
|
technology |
costs |
Totals |
|
£ |
£ |
£ |
General charitable purposes |
8,036 |
22,322 |
30,358 |
Support costs, included in the above, are as follows: |
|
|
|
|
|
2023 |
2022 |
|
|
General |
|
|
|
charitable |
Total |
|
|
purposes |
activities |
|
|
£ |
£ |
Website costs (inc SCRM) |
|
8,036 |
6,888 |
Independent examiner's |
|
2,058 |
1,944 |
IE non-IE work |
|
6,336 |
5,846 |
Corps governance |
|
13,928 |
7,494 |
|
|
30,358 |
22,172 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2023 nor for the year
ended 31 December 2022.
Trustees' expenses
Duringtheyeartravelandsubsistenceexpenseswerepaidonbehalfoffourtrustee'stotalling£7,472 (2022:
£3,688).
continued...
Page 16
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
11. STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Management and administration |
2023
£
20,000
20,000
2023
3 |
2022
£
20,000 |
|
|
20,000 |
|
|
2022
3 |
No employees received emoluments in excess of £60,000.
Thewagesandsalariesfigureincludesdonatedservicesof£20,000(2022:£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.
12. 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
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE) |
Unrestricted
funds
£
310,886
35,690
28,817
7,840
383,233
45,171
180
108,401
53,098
194,217
401,067
(128,251)
(146,085) |
Restricted
funds
£
58,352
10
48,648
-
107,010
12,082
87,416
13,027
4,413
1,400
118,338
(218,374)
(229,702) |
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) |
|
|
|
|
continued...
Page 17
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
13.
TANGIBLE FIXED ASSETS
COST
At 1 January 2023 and 31 December 2023
DEPRECIATION
At 1 January 2023
Charge for year
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
14.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2023 and 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022 |
continued
Unrestricted
funds
£
1,170,734
1,024,649 |
Restricted
funds
£
1,971,353
1,741,651 |
Total
funds
£
3,142,087 |
|
|
|
2,766,300 |
|
|
|
Plant and
machinery
£
7,432
7,018
138
7,156
276
414
Total
£
24,000
24,000
24,000 |
continued...
Page 18
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
15. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2023
Additions
Disposals
Net gains/(losses)
Invested cash movements
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
There were no investment assets outside the UK.
16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
Trade debtors
18.
CASH AT BANK AND IN HAND
Cash in hand
Regional bank balances
Bank deposit account
Total
Carried forward |
YEAR
New Purpose
Fund
£
- |
General
fund
£
150
13,630
60,425
74,205
Svendsen
Benevolence
Fund
£
- |
|
Listed
investments
£
2,630,770
453,929
(528,703)
84,596
83,609
2,724,201
2,724,201
2,630,770
2023
2022
£
£
38,559
40,434
2023
2022
£
£
2,764
4,772
Trading
Benevolence
fund
fund
£
£
-
-
-
-
35,729
(160,165)
35,729
(160,165)
2023
2022
Total
Total
funds
funds
£
£
-
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continued...
Page 19
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
18. CASH AT BANK AND IN HAND - continued
Brought forward
Cash in hand
Regional bank balances
Bank deposit account
Total |
New Purpose
Fund
£
-
-
-
39,168
39,168 |
Svendsen
Benevolence
Fund
£
-
-
-
48,381
48,381 |
2023
Total
funds
£
-
150
13,630
23,538
37,318 |
2022
Total
funds
£
-
150
14,970
61,976 |
|
|
|
|
77,096 |
Thetrusteesareawarethattheaccountsarecurrentlyreportinganegativebankpositionwithin the
Benevolentfund.ThetrusteesarethereforemakingstepstoliquidatesomeoftheCharity'sinvestments in
order to rectify the position during 2024.
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade creditors
Taxation and social security
Other creditors |
2023
£
9,164
398
2,911
12,473 |
2022
£
6,485
187
4,514 |
|
|
11,186 |
20. MOVEMENT IN FUNDS
MOVEMENT IN FUNDS |
|
|
|
|
Unrestricted funds
General fund
Trading fund
Restricted funds
Benevolence fund
New Purpose Fund
Svendsen Benevolence Fund
TOTAL FUNDS |
At 1.1.23
£
956,510
68,139
1,024,649
1,697,897
21,184
22,570
1,741,651
2,766,300 |
Net
movement
in funds
£
67,816
6,149
73,965
8,585
(17,016)
(17,189)
(25,620)
48,345 |
Transfers
between
funds
£
-
-
-
(78,000)
35,000
43,000
-
- |
At
31.12.23
£
1,024,326
74,288 |
|
|
|
|
1,098,614
1,628,482
39,168
48,381 |
|
|
|
|
1,716,031 |
|
|
|
|
2,814,645 |
continued...
Page 20
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
20. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Trading fund
Restricted funds
Benevolence fund
New Purpose Fund
Svendsen Benevolence Fund
TOTAL FUNDS |
Incoming
resources
£
418,276
43,225
461,501
50,653
-
-
50,653
512,154 |
Resources
expended
£
(373,324)
(37,076)
(410,400)
(80,999)
(17,016)
(17,189)
(115,204)
(525,604) |
Gains and
Movement
losses
in funds
£
£
22,864
67,816
-
6,149
22,864
73,965
38,931
8,585
-
(17,016)
-
(17,189)
38,931
(25,620)
61,795
48,345 |
|
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
Trading fund
Prize fund
Restricted funds
Benevolence fund
New Purpose Fund
Svendsen Benevolence Fund
TOTAL FUNDS |
At 1.1.22
£
1,095,355
71,704
3,675
1,170,734
1,971,353
-
-
1,971,353
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) |
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 21
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
20. 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
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) |
|
|
|
|
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
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.
continued...
Page 22
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
20. MOVEMENT IN FUNDS - continued
TheNewPurposeFundandTheSvendsenBenevolentFundvaluesatinceptionwere£250,000and £430,000
respectively,andalthoughtheyare disclosedas investmentsin the balancesheet,theyare consideredto be a
wasting asset over 10 years.
Transfers between funds
Duringthecurrentandpreviousperiods,transfersweremadefromtheBenevolentFundtotheNew Purpose
andSvendsenBenevolenceFundstosetasidefundsforspecificpurposesasagreedbythetrusteesin May
2022.
Inadditiontothis,atransferfromtheprizetothegeneralfundwasagreedbythetrusteesinthe previous
periodasitwasfeltnecessaryinordertocorrectlystatethefundbalancesbeingreportedattheendof the
period.
21. RELATED PARTY DISCLOSURES
The Military Intelligence Museum
Duringtheyearthecharitypaidgrantsof£10,000totheMilitaryIntelligenceMuseumforthepurpose of
educating the public in the role, history, traditions, customs and ethos of the corps.
Page 23
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
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
Corps day
Total incoming resources
EXPENDITURE
Other trading activities
Opening stock
Purchases
Closing stock
Investment management costs
Portfolio management
Charitable activities
Wages
Insurance
Postage and stationery
Carried forward |
2023
£
52,678
-
20,000
282,223
4,752
20,000
1,750
381,403
43,789
80,402
547
80,949
6,013
512,154
40,434
44,017
(38,559)
45,892
18,638
20,000
886
2,789
23,675 |
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
490,243
33,654
45,052
(40,434)
38,272
18,981
20,000
886
5,049
25,935 |
|
|
|
This page does not form part of the statutory financial statements
Page 24
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
Charitable activities
Brought forward
Sundries
Regional expenses
Staff costs
ICAREC 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 before gains and losses
Realised recognised gains and losses
Net gains/(losses) on investments
Net income/(expenditure) |
2023
£
23,675
577
23,203
7,511
322
15,690
75,921
-
3,384
(1,454)
9,146
1,050
10,889
-
100
130
138
260,434
430,716
8,036
2,058
6,336
13,928
22,322
525,604
(13,450)
61,795
48,345 |
2022
£
25,935
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) |
|
|
|
This page does not form part of the statutory financial statements
Page 25