REGISTERED CHARITY NUMBER: 1175211
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
|
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 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2024.
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
Benevolent fund spending
Duringthereportingperiodtotalexpenditure,beforegains/lossesoninvestments,fromtheBenevolentFund was
£179,805whichwas 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
£10,000 the Corps Colonel and Deputy Colonel Commandant(Veterans) are required to give approval in addition to the
GrantsandBenevolenceSubCommittee.Forgrantsabove£10,000fullTrusteeBoardendorsementisrequired. All
grants 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 2024
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.
Veterans- A casemustbe madebyanindependentcaseworker.Thisis usuallyanadviserfromanassociated charity
suchasSSAFAortheRBLbutmaybeanICARegionalSecretary.Theywillstudytheindividual'scircumstances and
makerecommendations,confirmingthattheapplicanthasbeentruthfulabouttheirrequirementsandensuring that
theyhaveappliedforallappropriatestateallowancesbeforeICAisinvitedtocontribute.Wherepossible,the Corps
shares the contributionwith other regimentalassociations(if appropriate)and charities.Each case is consideredon its
merits by the Grants and Benevolence sub-committee (as referred above) who aim to be as generous as possible.
CorpsPadre-TrusteesagreedthatasmallstipendbecontinuedtoretaintheservicesoftheHonoraryCorps Padre,
specificallyintheareaofwelfaresupportandregularleadershipbriefingstoPhase2trainees.Thestipendand its
Terms of Reference are reviewed on an annual basis.
Grant-making activities
Duringthe year to 31 December2024 the totalexpenditure,before gains/losseson investments,was £601,223 (2023:
£525,604). 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 15 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 ROSE assists service leavers with resettling into civilian life and 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 2024
ACHIEVEMENT AND PERFORMANCE Charitable activities
Trustees were pleased to be able to support all genuine welfare and benevolence requests.It remains notable that the
trend of increasing requests from the serving community continues, especially in the area of mental health support.
Asidentifiedinlastyear'sreport,therewasarequirementtofillthegapinArmysupporttothosereturning from
arduousoperationaltours,often in isolatedareas. The Corps, which representsabout2% of the Army's strength, were
requiredtoprovideabout20%ofthedeployedcapability-this'ask'tookitstollonmostwhowere deployed.
Consequently,TrusteeswereveryhappytofundthecostofaMentalHealthResiliencepilotschemewithtwo main
strands.StrandOnewastheprovisioneveryothermonthforcounsellingsessionsforCommandingOfficers and
RegimentalSergeantMajors,arguablythetwomost'lonely'appointmentsintheBritishArmy.StrandTwotook the
formoftworespitebreaks(ofaworkingweekeach)availableforallthose,irrespectiveofrank,whowereunable to
properlyre-acclimatiseto normal unit life after an operationaltour. The £50,000cost of this was found partly from the
welfarebudgetandpartlyfromtheSvendsenBenevolentFund.Theresultsofthispilotschemewillbereported in
2025,althoughinitialfeedbacksuggestsbothshouldcontinueinto2025.TheArmyhavebeenapprisedof this
IntelligenceCorpsinitiativeandaskedtolooktofundingthispostoperationalrequirementfornextyear, although
responsesso far indicatethis is unlikely.The Trusteesremainuncomfortablewith the Army positionand will continue
to press the Army to cover costs currently covered by charitable funds.
Routinewelfaresupportcontinuedto be providedacrossa broadrangeof requests.Suchas significantsupportto an
estrangedJNCOwhocouldonlyseehistwochildrenathishomeatweekends;hishomewasintheNorthEast of
Englandandhe was employedin the SouthWest.Throughlackof fundsand,over time,the roof deteriorated making
the houseuninhabitable,andcertainlyunsuitablefor youngchildren.Witha glowingreportfrom his militarychain of
commandregardinghis outputat work,andan understandinghe was a careersoldier,Trusteesagreedto £15,000 to
gotowardsthecostofstructuralroofrepairs,enablingasignificantlybetterfamilylifefortheJNCOandhis children.
At the otherend of the scale,ChristmasAmazonGift Cardswere sentto all deployedpersonnelto the valueof about
£450.
Sportingactivityflourishedagainthisyear,andtherewasanincreaseinAdventureTrainingwiththeArmy releasing
more funds to support units. Trustees were happy to endorse the Corps' Sports Board recommendationsthat a total of
£120,000be allocatedto SportsandAT. Thosesportswhichattractlargenumbersof participants,were successful, or
encouragednewcomersto try the sport,were generouslysupported.This includednearly£14,000to the athletics and
cross country association,nearly £6,000 to cycling and triathlon,£11,000 to football,£12,500 to rugby union, £7,000 to
sailing and a total of £35,000 to alpine skiing and snowboarding.
Finally,Trusteeswere pleasedto be able to assist the MilitaryIntelligenceMuseum by way of a £10,000stipendand a
£500donationtotheRBLY-ServicesBranchtowardstheupkeepofitsmemorialsiteattheNational Memorial
Arboretum.Additionally,TrusteesagreedtofundoneplacementayearforoneArmyCadetonan outward-bound
course per year, to supplement the bursary established by the family of one of our fallen in Iraq, Major Matt Bacon.
Page 3
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
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£527,602(2023:£512,154).Totalexpenditureamountedto£601,223 (2023:
£525,604).TheFundhadtotalnetoutgoingresourcesfortheyearof£73,621(2023:£13,450),beforerealised and
unrealisedgainsoninvestmentsof£184,394(2023:£61,795).Therewasanoverallsurplusfortheyearof £110,773
(2023:£48,345).Totalfunds(includinginvestments)tocarryforwardat31December2024were£2,925,418 (2023:
£2,814,645).
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 balancebetween growth in the restrictedfunds and income from the unrestrictedfunds.As well
asthisprotectionagainstrisk,drawdownsfromourinvestedreservesalsoprovideasourceofadditionalincome to
permitgreaterICAactivitiesthanourprinciplefixedsourcesoffundspermit.Ourreservesalsocontain2 designated
funds;TheSvendsenBenevolentFundandaNewPurposeFund.Theformerwascreatedfollowingthereceiptof a
legacyfromthelateLtColSvendsenanditisthetrustees'intentionthatthisrestrictedfundshouldbe vigorously
appliedtobenevolentpurposeswiththeaimthatitwillbefullyutilisedovera10-yearperiod.Thelatterfundis an
innovationaimedatenablingICAtoextenditsactivitiesintonewareasthatwillbebeneficialtoitsmembers and
especiallyto the family of members experiencinghardship.During 2025 the finance committee has conducteda 5-year
performancereviewof ourinvestmentmanager,Rathbones,andconcludedwe shouldretaintheirservicesbut move
internally to a different management team we adjudge will better meet the needs of our investment strategy.
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 2024
FUTURE PLANS
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
Thenumberof Trusteesremainedat12,althoughthechairof ICAROSE,anex-officioTrustee,stooddownto pursue
personalbusinessinterests;the appointmentremainedvacantat year end and Trusteesare activelyseeking a suitable
replacement.
The Deputy Colonel Commandantremains as chair of Trustees in accordancewith our Constitution,however, the wider
CorpssoughtRoyalpermissiontocreateasecondDeputyColonelCommandant,thatbeinga2* servingofficer. The
titleofDeputyColonelCommandantthereforechangedtoreflectoneservingandoneveteran,Deputy Colonel
Commandant(Serving)andDeputyColonelCommandant(Veterans).TheroleofDeputyColonel Commandant
(Veterans)remainsidenticalasitaffectstheCharity,althoughtoaccuratelyreflectthechangeinname, the
Constitutionwasamendedaccordingly,andacceptedbytheCharityCommission,afteravoteattheAGMon 20
September 2024. No other changes were made.
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 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making
Decisionsonawardinggrantsuptothevalueof£5,000aremadebytheGrantsandBenevolencesub-committee (as
referred above).
The trusteeshave designateda FinanceCommitteeconsistingof 3 trusteesand an externalsubjectmatterexpert with
delegatedauthorityto supervisethe performanceof the charity'sinvestmentsandprovidemore detailedoversight of
the budgeting process and scrutiny of financial management.
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
Page 6
INTELLIGENCE CORPS ASSOCIATION
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024.
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 2024
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 on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
funds
£
401,685
47,207
26,337
7,936
483,165
34,695
5,803
113,091
55,055
212,774
421,418
68,226
129,973
1,098,614
1,228,587 |
Restricted
funds
£
200
-
44,237
-
44,437
12,563
135,119
23,633
8,490
-
179,805
116,168
(19,200)
1,716,031
1,696,831 |
2024
Total
funds
£
401,885
47,207
70,574
7,936
527,602
47,258
140,922
136,724
63,545
212,774
601,223
184,394
110,773
2,814,645
2,925,418 |
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 |
The notes form part of these financial statements
Page 9
INTELLIGENCE CORPS ASSOCIATION
BALANCE SHEET 31 DECEMBER 2024
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
£
139
24,000
1,022,348
1,046,487
41,472
43,000
108,313
192,785
(10,685)
182,100
1,228,587
1,228,587 |
Restricted
funds
£
-
-
1,770,501
1,770,501
-
-
(73,670)
(73,670)
-
(73,670)
1,696,831
1,696,831 |
2024
Total
funds
£
139
24,000
2,792,849
2,816,988
41,472
43,000
34,643
119,115
(10,685)
108,430
2,925,418
2,925,418
1,228,587
1,696,831
2,925,418 |
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 |
|
|
|
|
|
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 2024
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Movement in fund managers cash balance
Cash transferred (to)/from fund managers
Interest received
Dividends received
Net cash provided by 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 |
2024
£
(188,994)
(188,994)
(50,180)
165,925
360
70,214
186,319
(2,675)
37,318
34,643 |
2023
£
(89,094)
(89,094)
(61,637)
30,000
547
80,405
49,315
(39,779)
77,097
37,318 |
|
|
|
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 2024
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
|
|
|
|
2024 |
2023 |
|
|
|
|
£ |
£ |
|
Net income for the reporting period (as per the Statement of Financial |
|
|
|
|
|
Activities) |
|
|
110,773 |
48,345 |
|
Adjustments for: |
|
|
|
|
|
Depreciation charges |
|
|
138 |
138 |
|
Gain on investments |
|
|
(184,394) |
(61,795) |
|
Interest received |
|
|
(360) |
(547) |
|
Dividends received |
|
|
(70,214) |
(80,405) |
|
(Increase)/decrease in stocks |
|
|
(2,913) |
1,875 |
|
(Increase)/decrease in debtors |
|
|
(40,236) |
2,008 |
|
(Decrease)/increase in creditors |
|
|
(1,788) |
1,287 |
|
Net cash used in operations |
|
|
(188,994) |
(89,094) |
2. |
ANALYSIS OF CHANGES IN NET FUNDS |
|
|
|
|
|
|
At 1.1.24 |
|
Cash flow |
At 31.12.24 |
|
|
|
£ |
£ |
£ |
|
Net cash |
|
|
|
|
|
Cash at bank and in hand |
37,318 |
|
(2,675) |
34,643 |
|
|
37,318 |
|
(2,675) |
34,643 |
|
Total |
37,318 |
|
(2,675) |
34,643 |
The notes form part of these financial statements
Page 12
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
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 |
2024
£
55,221
5,500
20,000
290,845
8,569
20,000
1,750
401,885
2024
£
20,000 |
2023
£
52,678
-
20,000
282,223
4,752
20,000
1,750 |
|
|
381,403 |
|
|
2023
£
20,000 |
continued...
Page 14
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
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 |
2024
£
47,207
2024
£
70,214
360
70,574
2024
£
38,559
30,229
(41,472)
27,316
2024
£
19,942
47,258 |
2023
£
43,789
2023
£
80,402
547
80,949
2023
£
40,434
44,017
(38,559)
45,892
2023
£
18,638
64,530 |
|
|
|
continued...
Page 15
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
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
ICA ROSE costs
Journal costs
Functions
Other property expenses
Funeral costs
Memorials
Donations
Welfare travel
Subscriptions
Bank charges
Exchange rate variances
Depreciation |
Direct
Costs (see
note 7)
£
-
84,616
63,545
24,853
173,014 |
Grant
funding of
activities
(see note
8)
£
140,922
24,516
-
187,921
353,359 |
Support
costs (see
note 9)
£
-
27,592
-
-
27,592
2024
£
20,000
884
4,208
143
22,689
11,194
-
19,099
68,816
3,580
90
10,321
179
11,341
239
-
93
138
173,014 |
Totals
£
140,922
136,724
63,545
212,774
553,965
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 |
|
|
|
|
|
continued...
Page 16
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
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 |
2024
£
140,922
24,516
187,921
353,359 |
2023
£
68,799
20,008
171,627 |
|
|
260,434 |
9. SUPPORT COSTS
|
Information |
Governance |
|
|
technology |
costs |
Totals |
|
£ |
£ |
£ |
General charitable purposes |
6,926 |
20,666 |
27,592 |
Support costs, included in the above, are as follows: |
|
|
|
|
|
2024 |
2023 |
|
|
General |
|
|
|
charitable |
Total |
|
|
purposes |
activities |
|
|
£ |
£ |
Website costs (inc SCRM) |
|
6,926 |
8,036 |
Independent examiner's |
|
2,160 |
2,058 |
IE non-IE work |
|
6,786 |
6,336 |
Corps governance |
|
11,720 |
13,928 |
|
|
27,592 |
30,358 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2024 nor for the year
ended 31 December 2023.
Trustees' expenses
Duringtheyeartravelandsubsistenceexpenseswerepaidonbehalfoffourtrustee'stotalling£5,049 (2023:
£7,472).
continued...
Page 17
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
11. STAFF COSTS
Wages and salaries
The average monthly number of employees during the year was as follows:
Management and administration |
2024
£
20,000
20,000
2024
3 |
2023
£
20,000 |
|
|
20,000 |
|
|
2023
3 |
No employees received emoluments in excess of £60,000.
Thewagesandsalariesfigureincludesdonatedservicesof£20,000(2023:£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 on investments
NET INCOME/(EXPENDITURE) |
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 |
Restricted
funds
£
-
-
50,653
-
50,653
11,742
68,469
25,007
2,235
7,751
115,204
38,931
(25,620) |
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 |
continued...
Page 18
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024 and 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
14.
HERITAGE ASSETS
MARKET VALUE
At 1 January 2024 and 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023 |
continued
Unrestricted
funds
£
1,024,649
1,098,614 |
Restricted
funds
£
1,741,651
1,716,031 |
Total
funds
£
2,766,300 |
|
|
|
2,814,645 |
|
|
|
Plant and
machinery
£
7,432
7,156
137
7,293
139
276
Total
£
24,000
24,000
24,000 |
continued...
Page 19
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
15. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2024
Additions
Disposals
Net gains/(losses)
Invested cash movements
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023
There were no investment assets outside the UK.
16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors |
2024
£
41,472
2024
£
-
43,000
43,000 |
Listed
investments
£
2,724,201
676,708
(668,603)
153,702
(93,159)
2,792,849
2,792,849
2,724,201
2023
£
38,559
2023
£
2,764
-
2,764 |
|
|
|
continued...
Page 20
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
18. CASH AT BANK AND IN HAND
|
|
|
|
2024 |
2023 |
|
General
fund |
Trading
fund |
Benevolence
fund |
Total funds |
Total funds |
|
£ |
£ |
£ |
£ |
£ |
Cash in hand |
150 |
- |
- |
150 |
150 |
Regional bank balances |
12,718 |
- |
- |
12,718 |
13,630 |
Bank accounts |
46,000 |
49,445 |
(73,670) |
21,775 |
23,538 |
|
|
|
|
|
|
Total |
58,868 |
49,445 |
(73,670) |
34,643 |
37,318 |
|
|
|
|
|
|
Thetrusteesholdcashinasinglebankaccountinordertosimplifythemanagementofexpenditure on
restrictedbenevolencepurposesaswellasonunrestrictedgeneralpurposes.Italsoholdsrestricted and
unrestrictedreserves in a common portfolioof investmentsmanaged by Rathbones.Throughoutthe year funds
are drawn from both the restrictedbenevolencereserves and generalreserves to supplementthe association's
other income sources and are placed in a single bank account.This means accountingfor expendituredrawn on
the bank holdings throughoutthe year for restrictedand unrestrictedpurposes can show a technical imbalance
intherestrictedandunrestrictedfundbalancesattheyearend.Thetrusteesareawareofthisandwill take
steps to make technical adjustments to rectify the position in the current and future years.
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors |
2024
£
6,743
201
3,741
10,685 |
2023
£
9,164
398
2,911 |
|
|
12,473 |
20. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Trading fund
Restricted funds
Benevolence fund
New Purpose Fund
Svendsen Benevolence Fund
TOTAL FUNDS |
At 1.1.24
£
1,024,326
74,288
1,098,614
1,628,482
39,168
48,381
1,716,031
2,814,645 |
Net
movement
in funds
£
113,344
16,629
129,973
38,248
(11,952)
(45,496)
(19,200)
110,773 |
Transfers
between
funds
£
-
-
-
(78,000)
35,000
43,000
-
- |
At
31.12.24
£
1,137,670
90,917
1,228,587
1,588,730
62,216
45,885
1,696,831
2,925,418 |
|
|
|
|
|
continued...
Page 21
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
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
£
436,048
47,117
483,165
44,436
-
1
44,437
527,602 |
Resources
expended
£
(390,930)
(30,488)
(421,418)
(122,356)
(11,952)
(45,497)
(179,805)
(601,223) |
Gains and
Movement
losses
in funds
£
£
68,226
113,344
-
16,629
68,226
129,973
116,168
38,248
-
(11,952)
-
(45,496)
116,168
(19,200)
184,394
110,773 |
|
|
|
|
Comparatives for 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 22
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
20. MOVEMENT IN FUNDS - continued
Comparative 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 |
|
|
|
|
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 23
INTELLIGENCE CORPS ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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 24
INTELLIGENCE CORPS ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
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 |
2024
£
55,221
5,500
20,000
290,845
8,569
20,000
1,750
401,885
47,207
70,214
360
70,574
7,936
527,602
38,559
30,229
(41,472)
27,316
19,942
20,000
884
4,208
25,092 |
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 |
|
|
|
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 2024
Charitable activities
Brought forward
Sundries
Regional expenses
Staff costs
ICA ROSE costs
Journal costs
Functions
Other property expenses
Funeral costs
Memorials
Donations
Welfare travel
Subscriptions
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 |
2024
£
25,092
143
22,689
11,194
-
19,099
68,816
3,580
90
10,321
179
11,341
239
-
93
138
353,359
526,373
6,926
2,160
6,786
11,720
20,666
601,223
(73,621)
184,394
110,773 |
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 |
|
|
|
This page does not form part of the statutory financial statements
Page 26