REGISTERED CHARITY NUMBER: 1185298 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 FOR THE AOJUTANT GENERAL'S CORPS ASSOCIATION Rolhmans Audit LLP Chartered Accounianls & Statutory Audilor5 Avebury. House Sl Peter Street Winchester Hampshire S023 8BN
THE ADJUTANT GENERAL'S CORPS ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Page Report of the Trustees 1 trj 6 Report of the Indep•ndent Auditor$ 7 10 10 Statement of Financial Activities Balance Sheet 12 Cash Flow Statement 13 Not*$ to the Cash Flow Statement 14 Nots$ to the Flnancial Statements 1S lo 25 D?tsiled Statement of Financial Activities 26 to 27
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 1. The Iruslees present their report wrth the financkql stslements ol the charity for the year ended 31 December 2020. The Iruslees have adopted the provisions ol Accounling and Reporting tiy Charities.. Stslemenl of Recommended Practu applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 8pplicAble in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. REFERENCE AND ADMINISTRATIVE DETAILS 2. The official name ol the Chafily is The Adjutant Generaf5 CS AsoIn. Rtgist•red Charity Number.. 118S298. Prin¢lpal Office Headquarters Adjutant General's Corps Building 204 Worthy Down Winchester S0212RG Telephone.. Website.. Email". 0300 1533 486 bli.rhqagc.cOM corpshq@ouuook.com 3. Trust•es and Olficers of the Charlty The Trustees ol the Chanly are.. Colonel Suzanne Jane Holmes ADC (From 2 Mafch 2020 10 4 Jun? 20211 Colonel Victoria Whiling ADC Ilrom 4 June 20211 Colonel IReliredl Karen Graham OBE Lieutenant Colonel Paula Janet NKhotas MBE Warrani Officer Class 1 (Corps Sergeant Majorl Cdin John Momson {10 21 July 20201 Warranl Officer Class 1 (Corps S&rgeant Maiofl Andrew Heron (from 21 July 20211 Colonel Nicholas Chavez car11 Ilrrffi 3 March 2020 until 1 October 20201 Colonel Scott Martin Vardy Ifrom 1 October 20201 Brigadier Suzanne Anderson (to 30 Seplember 2020) Colonel Sarah Louise Pringle-smith (fr( 6 April 20201 Colonel Bruce Alas(1air Gray Ito 7 Oclotr 20201 Lieulenanl Colonel James Anlhony Mullen Carmthad Ifre4n 7 Oclotr 20201 Lieulenanl Colonel IRetire(Jl Andrew John Lowe BEM 110 16 October 20201 The Execuli¥e Officers conducting th¢ day to ¢Jay OperatnS ol Ihe Charity afe. Lieutenanl Colonel (Retiiedl M J R Cotton MBE (Corps Secretary) Major (Retired) J Bright MBE (Assislanl Corps Secretary) Page 1
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF TtrIE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 REFERENCE AND ADMINISTRATIVE DETAILS 4. Auditors Rothmans Audit LLP Avebury House 6 Sl Peter Street Winchester S023 8BN Independent Advisor Bngadier (Reliredl Noel Muddiman CBE 8 WLoC# Ckjse Ol¢J Harbw Essex CM17 OJD 7. Ltyal Advisors Blake Moigan LLP New Kings Court Tollgale Chandlerfs Ford Easllwgh SO53 3LG Bankers Royal Bank ol Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough GU14 7JP STRUCTURE, GOVERNANCE AND MANAGEMENT 8. Governing document The Objects ol the Charity are laid down in ihe constituti DuMent. The Pnncipal Objects are to promote the efficiency of Ihe Corps by mainlaining contact between the psent and past members ol the Aijiuianl General's Corps and Ihe lormer ¢onslitu8nl corps and to losler esprit de corp5. comradeship, welfare ol Ihe Adiutani General's Corps and lo preserye Its traditions The Associaiion exists to stjpport the present and past members ol the Adiulanl Ggnerafs C)8 an(1 their depgndanis. who are in genuine need, suffering hardship or distress 9. Trustees There may up lo wght Appointe¢J Trusiees and lour Nominated Trustees. Each of the four Brancheg 01 the Corps may propose a rSOn who act as a Ncrfninated Tnjslee in accordance wilh the Conslilutson Document. All Trustees attend Trus*es Training and a training record is kept. 10. Org•nl$atlonal Structurn Day lo day management ol thè Assocwlion is dekgaled lo the Assistani Corps Secretary who consults ilh the Corps Secretary and Ihg Cok)nel AGC vthen required. These personnel are employed by Ihe Amiy and donale their services lo the charity. 11. Benevolen¢o The Trustees have delegaleil the managemenl ol benevolen lo the Benevolence Committee who are empowered lo approve gcants lor benevolence cases to a maximum 01 £3.000 for any one case. During Ihe year. additional funding lor BenevolerKe was provthd Irom othe¥ Ass(tialions, The Royal British Legion, ABF The Soklier's Charrty and other Charrtable Organt58tion3. 12. Risk Management The major risk5 to which the Charity is exposed. as bJentified by the Trustees. have be revEwed and systems have been eslablished lo mana9e those risks. Page 2
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 DECEM8ER 2020 13. Publlc Benefit The Trustees have paid dLJe regard lo the Charity Commission's guidance on public benefit in deciding whai activities the charity should undertake. The fund provides public benefit by assisting service personnel ol the Adjulanl General's Corps lo more effectively perform Ihoir foles within the British Army. 11 does this by providing support lor bengvolence, welfare, sports and recreational aclivilies. This assistance enables service personnel lo face the Challenges arKI dangers associated with military service by developin9 and maintaining teamwork. lilness, character, spirit and morale. By supporting both the serving and the retired commLJnities, Il embraces esprit de corps by promoting the concept of 'support lor life.. A5 3 result, the Adjutant General's Corps Association promotes the efficiency ol the Arrned Forces ol the Crown by enhancing the Biilish Army's capability lo undertake the roles demanded of il. including the delence ol the United Kingdom and ils interests. OBJECTIVES AND ACTIVITIES 14. Object$ of tho Association The objects of thè Association are lo promo18 the efficiency of Ihe Adjuiant General's Corps IAGCI in such ways as the Trustees shall think lil in particular bul not exclusively by.. a. Maintaining contact between the membgrs of the AGC 8ndlor the lomier consllluenl Corps. b. Fostering esprit de corps, . The protection and advancement ol the heritage and elhos of the AGC. d. The relief ol members and Ic)rmer members of the AGC andlor members ol the former consliluenl Corps, in the evenl the IDrmer consliluenl Corps, benevolent funds fail and Iheir dependanls. who are in need by rea50n ol their youth, age. Infirmily or disability. Iinanei81 hardship or social circumstances. 15. Powers of thg Association The CIO has the power lo do anything that Is caleulaled lo further ils Object5 or is conducive or incidental lo doing so. In partrular. the CIO has Ihe power to.. a. Take all necessary aclK)n for publicising and dissemin81ing information, including bul not limited lo, the histories. deeds and traditions ol the CIO and Ihe AGC. b. Borrow money and lo charge Ihe whole or any part ol its property as security lor the repayment ol the money borrDwed. The CIO musl comply as appropriate with seclions 124 and 125 01 the Charitie5 Act 2011. il il wishes lo mortgage the land. 8uy. lake on lease or in exchange. hiro or otherwise acquire any property, maintain and equip Il IOT use. d. Sell, lease or otherwise disp05e of 811 or any part ol the property t*longing lo the CIO. In exercising this power, the CIO musl comply as appropfiale wilh sects'ons 117 and 119 10 123 01 the Charities Act 2011. e. Employ and remunerate such staff as are necessary for carrying out the work ol the CIO. The CIO may employ or remunerate a Trustee only lo the extent that it is permitted lo do so by clause 6 and provided il complies with Ihe conditions ol that clause. Oeposit or invest funds, employ 8 professional lund-manager, and arrange for the investmènts or other property of the CIO lo be held in the name ol a nominee. This is carried out in the Same manner and subject to the saffle conditions a5 the trustees ol a trust 8re permitted to do by the Trustee Act 2000 and do anything else within the law that promotes or helps to prDmDle the Obje¢ts Page 3
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 16. Objectivès For the Year The main objectives for the year were.. a. To respond quickly and compassionately lo requests for benevolen assistsnce. b. To piovide support lor serving personnel who are injured or are suffering with PODr health. by way ol financial assistance where needed or appropriate. c. To provide support lo the next of kin and family ol those serving and ex-serving who had suffered a bereavernenl. d. To provide for social gatherings for serving and retired members in order lo fosler (x)mradeship and esprit de corps. To increase Ihe level of subscribers lo the Association. f. To produce a high quality Corps Magazine IAGC Journal). g. Enhancing the quality and types of Corps Sport and encouraging the widest participation. particularly by the more junior officers and soldiers. ACHIEVEMENT AND PERFORMANCE 17 All the main objectives for the year were achieved. 18. The Benevolence Committee provided financial assistance to those who were in genuine need or suffering hardship. This in¢luaed assistsnce with priority debts. rent and council tax arrears, rent advance, purchase of essential household items, travel costs. purchase ol items for children and grants lor general needs. The Number of beneficiaries ol benevolence grants was 114 members and the lolal amount granted from the Association was £51.040. 19. The Trustees extend their thanks to The Royal Britisn Legion, olhei Asso¢iations and ABF The Soldier's Charity for their generosity over the past year lo the members of the Assock8lion who have required assistance. 20. The Association provided support for social gatherings lo foster comradeship and esprit de corps, bul was constrained by the effects of the pandemic. The annual commemoration service al Ihe AGC plot al the National Memorial Artjorelum was not held due lo COVID ieslriclions. 21. The Association expended £103,189 on sporting activities throughout the year, but many planned events were cancelled or poslponed due lo the pandemic. 22. The lorrnal opening of the Field of Remembrance at Westminster Abbey in November 2020 was carried out wilhoul any representation from Ihe many organisations represented. 23. The work ol the Association and the benefits provided are briefed lo all new officers and soldiers. encourag1ng them to join We are pleased to report that almost 100.kn of new enlranis join the One Dals Pay Scheme and subscribe to the Asslab"0n. 24. The Adjutant General's Corps Association (Charitable Incorporated Organisation ICIOI regisleied charity number 11852981 was lomied on the 131h of Septèmber 2019 from the Adjutant General's Corps Regimenial Association and the Adjulanl Gèneral's Corps Institution. Our legal advisers have carried out the ffleige with the Charities Commission and the two former charities have been removed from Ihe Charity Commission register. Page 4
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW 25 Rèserve5 Policy The current level of reserves is £7.29m, ol which £6.15m is held in Inveslmenls. The policy lor the Reserves of the Association is to enable the Association lo meet the future benevolence costs ol the incr&asing number ol members ol the Association and their d&pBndants who are the beneficiaries and the reserves should nol be ¢alled upon until 2047. Investment growth that is not used lor day-lo-day business is invested In the Armed Forces Common Investment Fund IAFCIFI, the CCLA Property Fund, Thg Charities Property Fund, The Sarasin Food & Agricullural Opportunitie5 Fund and the Charity Equity Fund. 26. Principal Funding SouTCO$ Subscriplions from serving and Volunteer Reserve members ol the Days Pay Scheme were crediled lo Ihe Association Fund. Subscriptions from rank range Sergeant lo Warrant Officer Class 1 were collected at 1200/0 ol one day's pay. The additional 200/D was retained in the fund lor excltjsive use ol the Corps Sergeants Mess Subscriptions from officers were collected al 150°1ts of one day's pay. The additional 5001• was Iran51eried lo Ihe Headquarters Officgrs, Mess Accounl. Subscriptions received from relired members along with gift aid receipts were credited lo the As50cialion Fund. 27. The charity does not lundraise externally and does not therefore subscribe to any schemes or standards lor lundr8ising regulation. There have been no complaints about fundraising 8cl¢vilies in the period. Invostmentl 28. On the formation ol the Association. the Trustees iecognised the need lo oslabligh long-lerm financial reserves and therefore continue lo maintain an investment portfolio on behalf ol the Associalion. The investment policy is lo increas¢ the value ol the fund in order lo provido a reserve lor the lulure benevolence needs ol the growing membership ol the As50C181ion and their dependants. FUTURE DEVELOPMENTS 29. 11 Is exCted that incomewill remain relatively stable in 2021, while expenditure wi11 continue lo be reduced against previous norm5 due lo routine sporting and social activities being constrained by COVID 19 restrictions. 11 is planned lo use some of the funds normally dedicated lo Ihese activities lor the advancement ol some cultur81 and heritsge projects such as Ihe build ol a Nepalese messing facility al Worthy Down. home of Ihe AGC. 30. 2022 is the 30th anniversary of the foundation of the Corp5. To celebrate, the Association will fund several exlraordinary events including an All R8nks Dinner Night, the LJnveilin9 01 a monument, a Families Day al Worthy Down and a Freedom Parade through W1he$1er. 31. The Army will announce the results ol its Integrated Review in early 2021. While the outcome Is not known. and the specific Impact on the AGC may not be known for some time thereafter, Ihere is polenlial that any workforce reductions would impact on the primary source ol income of the fund in Ihe coming years. Al present, the AssOCl81ion uses the in-year income to fund d8y-lo-day aclivily ancl does nol ring" fence or invest il for lulure use. assessing th81 the futLJre cost of benevolence will be mel by its growing Investments. However, In addilion. COVID-19 has had an impact on returns from investments and this may continue into 2021 and beyond. The Trustees will keep a watchful eyè on the future cost ol benevOne, commissioning an actuarial review in 202112022 to ensure ihat Ihis policy is appropriate In the new operating environment. FUNOS HELD AS CUSTODIAN FOR OTHERS 32. The Adjutanl Geneial's Corps Association does not hold any assets on behalf of othèr charities. Page 5
ThE ADJirfANT GENERAL? CORPS A880CIATION REPor OF THE TRU8TEE8 FOR ThE YEAR ENDED 31 DECEMBER 2020 STATEMENT OF TRUSTEE RESPON8IBILmE8 . 6onthw•d Tb8 trust are restx)nsible for prepBilng the Report of the Trustees armt the financiol 51at8mants ac£ordanr with appIable law and Unitad IQId0M A¢thJnthig Stsndards lUn4j Ki$n G8rwalty Acr Ac£ounting Practtcel. Tho law applubl8 to charities in EngLqnd 8nd Wales rnquir85 the trvstees to wgparo finArthl st8taments for èach finanual year Wh give a tru& and f8ir vi8w of the state of offairs of the chathy and of the husming rescrtjrces and appltIon ol rB80urcs, of Iha chadty lor that In prepanng those fin8n¢tr4 st8t8monl8, the trustees aTB required to ¥eknl Sultsb 8ccountirvJ [nIeS and thon appty them w15iStenlly.' observe the thodS and prirKipl8s in the Charlty SORP., makè judgements alld 8Stsmatss that are reasonab and pwdenl; stste whether applrable a¢cxJunting standaids hav8 teen folky8d, Sut4. 10 ony material departures disclosed and èwained in the financlal slatem8nts", prepare the financial ststements on the going concem basis unl8ss it 15 inaprKoprTate to presume Ihat th6 ¢harfty wiu cxjntinue in business. trustags are fes[sible for keen9 fvent a(xountry r8¢xwds Ihat discJos8 with rnasonable LjJrXY at any time the finÈnaBI Fositson of the charity and lo onable them to ensure that the financial sts18ments c(xYWy with the Charrti8s Act 2011. the Charity IAc(x)unts and R•portsl ReguL4tKJns 2008 Bnd the provistons of the tnjsl doed. ThDy are also r8sFQnsib for $8f8guarding th8 assets of the chaftty and he for tsking asabl0 $19P5 for tha prev8ntion and deteCtn of fraud 8nd other Nwularities. The trustees ar8 rosponsible tor the maintenanc8 and integrity ofthg ch8rity 8nd ftnancial inf0m18t)n included on Ihe chanvs website. Legislation in thè United Kingdom goveming the preparation and diwmination of financlal ststements rnay differ from 1gJtsl8tion in oiher1urdtlon5. In so f8r as the tru51es are awar•'. there ts no rel8vanl eudit irbfomti0n of which the charbS wdltors 8rn unawara: and Ihe Irustees havè taken all steps that they ought lo have taken tr) make themsefveg 8W8re of any rent audit infomi81th and to establish Ih8t the auditcrfs are aware ofthat information. AUDITORS The 8udits, Rothmans Audit LLP. will te proposed for re-gppointmenl 8t for1jrn9 Annual Gener81 MeetirvJ. ON BEHALF OF THE BOARD.. Lieutenant one1 P J Nthol85 MBE Wmnl Class 1 (cP5 Sery8ant Majorl A He1 Zl Ock li Pagg 6
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION Opinion We have audited the financial statements of The Adjutant General's Corps Association Ilhe 'charily'l lor the year ended 31 December 2020 which comprise the Statement ol Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statements. including a summary ol signilicanl accounting policies. The financial reporting framework that has been applièd in their preparation is applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Pra¢li¢el. In our opinion the financial statements.. give a true and lair view of the slate of the charills affairs as at 31 December 2020 and ol 115 incoming resources and application ol resources, including ils income and expenditure, lor the year then ended". have been properly prepared In accordance with United Kin9dom Generally Accepted Accounting Practice., and have been prepared in accordance wilh the requirements of Ihe Charitie8 Acl 2011. Basis lor oplnlon We conducted our audit in accordance with Inlemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon5ibililies under Ihose standards are further described in the Auditors, responsibililies for the audit ol the financial 51alements section ol our report. We are Independent ol the charity in 8ccordance wilh the ethical requirements Ihal are relevant to Our audit ol the financial slalemenls in the UK. including the FRC'S Ethical Slandard. and we have fulfilled our other ethical responsibililies in accordance with these requirem8nls. We believe that the audit evidence we have oblaine(J is suffClnt and appropriate lo provide a basis lor our opinion. Conclusions ralatlng to golng concern In auditing Ihe financial slalements, we have concluded that IfTre Iruslees, use of the going concern basis ol accounting in th8 preparation ol thè financial s18lemenls is appropriate. Based on the work we have performed, we have not idenlili8d any material unc8rtainlies relating lo events OT conditions that. individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern lor a period ol al leasl Iwolve months from when the financial slalements are aulhorised lor issue. Our responsibilities and the responsibilities ol the Irustges with respect lo going concern are describ8d in the relevant sgctions ol this report. Oth#r information The Iruslees are responsible lor Ihe other information. The other information cornprises the information included In the Annual Report, other Ih8n the financial slalgments and our Report of the Independent Auditors Ihereon. Our opinion on the financial slalements does not cover the other information and. except lo the exlenl otherwise explicitly slated in our report, wè do not express any form of assurance conclusion thereon. In connection with our audit ol the financial slalemenls. our responsibility is to read the other inlDrmalion and, in doin9 50, consider whelher the other information is malenally in¢onsislenl with the financial slalemenls or our knowledge Dblained In the audit or olhetwise appears to be matèrially misstaled. Ilwe idenlily such material inconsistencies or apparenl material rnisstaiemenls, we are required to determine whether this gives rise lo material misstatement in the financial statements themselves 11. based on the work we have performed, we con¢luda thal Ihere is a fflaterial mis5t8lement of this other infomiation. we are rgquired to report Imat lacl. We have nothin9 to report in this regard. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION Matter5 Qn which we are requirèd to report by exception In the Iighl of the knowledge and understanding ol the Charity and its environment obtained in the COL*rse ol the audit. we have nol identified material misstatements in the trLJStees' report. We have nothing lo report in respe¢l of the following matters where the Charities (Accounts and Reports) Regulations 200e requires us to report lo you if. in our opinion". the information given in Ihe Report of the Trustees 15 inconsislenl in any material respect with the financial statefflents". or Sufficienl accounting records have not been kept., or the financial statements are not in agement with the accounting records., or we have not re¢eived all the Information and explanations we reouire for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, Ihe trustees are responsible lor the preparation ol the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees delermine is necessary io enable the prepaialion of financial statements that are free from material misstalemenl, whether due lo fraud or error. In pieparing the financial slatements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and us1ng the going concern basis of accounting unless thè trustees either intend lo liquidate the charity or lo cease operations, or have no realistic alternatsve bul lo do so. Our responsibilities for the audit of the financial statements We have been appointed as auditor5 under Section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalements a5 a whole are free from material misstatement, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that Includes our opinion Reasonable assurance is a high level of assurance, but is not a guaianlee that an audit conducted in accordance with ISAS IUKI will always deleGI a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected lo Influen the economic decisions of users taken on the basis ol these financial statements. Irregulaiilies. in¢luding fraud, ale instances of non-compliance with laws and regulations. We design procedures in line with our reswn5ibililies. outlined above, lo dele¢l material misstalemenls in respect Df irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, inclulling fraud is detailed below. The ¥xtènt to which the audlt was considered ¢apablg of detecting irregularltiès including fraud Our approach to identifying and assessing the risks of material misstalemenl in respect ol irregularities, including IraLJd and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collgclively had the appropriate cornpelence. capabilibes and skills to identify or re¢ognise non-compliance with applic8ble laws and regul8tions". we identified the laws and regulations applicable to the charity through discussions with the trustees and other management, and from our knowledge and experience of the ¢Marities sector". we focused on specific laws and regulations which we Considered may have a direct material effe¢l on the financial statements or the operations of the charity, including the Charities Act 2011 we assessed the extent ol compliance with the laws and regulalions idenlified above through making enquiries of managemenl and inspecting le9al correspondence. The identified laws and regulations were communicated within Ihe audit team regularly and the team remained alert to insiances of non- cornpli8n¢e throughout the audit. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION We assessed the susceplibility of the charity's financial statements lo material misstatement, including obtaining an understanding ol how fraud might occur, by.. making enouiries of management as to where they considered there was susceptibility lo fraud. their knowledge ol actual, suspected and alleged fraud". and considering the internal controls in place lo mitigate risks ol fraud and non-compliance with laws and regulations. To address the risk ol fraud through management bia5 and override of controls, we.. performed analy(iGal procedures lo identify any unusual or unexpected relationship5', tested journal entries during the year and al the year-end to identify unusual Iransaclions, assessed whether judgements and assumptions made in detemiining the accounting estimates sel were indicative ol polenlial bias., investigated the rationale behind significant or unusual transactions., In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which includeL#, bul were nol limited to.. agreeing financial statement disclosures to underlying supporting dwumeniation., reading the minutes of meetings of those charged with governan¢e, enqLJiring of management as lo actLJal and potential liligalion and claims., reviewing correspondence with relevant regulators and the ¢harily's legal advisors.. and reviewed legal and professional expenditure incurred in the year. There are inherent limitations in our audit procedures dèscribed above. The more removed that laws and regulations are from financial Iransaclions. the less likely il is that we would become aware of non-compliance. Audiling standards also limit the audit procedures requId to idenlily non-complian¢e with laws and regulations lo enquiry ol the d7clorS and other management and the inspection ol regulatory and legal correspondence, if any Material misstatements that arise due lo fraud can be hgr(5er lo dele¢t than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibililies. This descripb'on forms part of our Report ol the Independent Auditors. Other Matt•r The charity wa5 formed by the merger ol the Adjutant General's Corps Regimental Association and the Adjulant General's Corps Institution and it has applied merger accounling. This charity commenced ils operations on 1 January 2020 and the comparative fvJures presented in these accounts are the combined results of the two merged charities. The comparative figures are unaLJdiled. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION U$¢ of our report This report is made solely lo the charity's trustees. as a bryly. in accordance with Part 4 01 the Charities IA¢counls and Reports) Regulations 2008. Our audit work has been Ljndertaken so that we might slate lo Ihg charity's trustees those matters we are required lo slate lo them in an auditors, report and loi no other PUfPOSe. To the fullest extent permilled by law. we do not accept or assume responsibility to anyone other than thg charity and the charitys Iruslees as a body, for our audit work, for Ihis report, OT for the opinions we have formed. RON_ fvLLF Rolhmans ALJdit LLP Chartered Accountants & Stalulory Auditors Eligible lo acl as an auditor in terms of Section 1212 of the Companies Act 2006 Avebury House Sl Peler Slre8t Winchester Hampshire S023 8BN Date.. 28 October 2021 Page 10
THE ADJUTANT GENERAL'S CORPS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 UnreStrle Unrestncted & total funds & iot81 funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 742.360 662.858 Charitablg activities Fostering Espril de Corps 20.389 27.865 Investment income 182.579 205,459 Total 945.328 896,182 EXPENDITURE ON Raising funds 935 2,207 Charitabl• activiti•$ Fosterin9 Esprit de Corps Benevolence & Wellare Maintaining Contact & Traditsons Spori$ 277,156 95,395 42,346 128,150 535,031 72,323 51.281 372.869 Total 543.982 1.033.711 Nel gains on inveslments 208.574 272.656 NET INCOME 609.920 135.127 RECONCILIATION OF FUNDS Total funds brought forward 6.687.756 6,552,629 TOTAL FUNDS CARRIED FORWARD 7.297,676 6,687,756 notes form part of these financial statements Page11
THE ADJiTfANT GENERAL? CORPS A&8OCIATIOW BALANCE 8HEEr 31 DECEMBER 2020 2020 2019 UnTestr#X&l Unrestl8d & totsl funds & lotal lunds FIXED AS8Ers TarvJitrAe assets IDve5tments 14 15 510.215 0 155058 545,330 5 750 356 6.865.273 6.295.686 CURRENT ASSETS Stocks 18 17 18 6,343 122.227 18.896 70,713 Cash at bank and in hand 658.378 427.009 CREDrroR8 Amojnts falting due within one year 19 123,9731 134.9391 NÉT CURREpTf ASSETS 632,403 TOTAL AS8fT8 LE&8 CURREpir UABILMES 7.297.678 6.887,756 NET A88Ef8 7 297 876 6 687 756 FUNDS Unrestrrcted fvnds 20 7.297.676 6 687 756 TOTAL FUND8 7 297.676 T.he fin9nrAal slatemwtts were Appm%vJ by the Bcérd of Tmsi88s aThl authised for on .. and w8re sigfvl on its b8haif by.. P J Nlchdas MBE - Trustee AHeron.T The Th)tes fomi part of these fin8nuo1 statem8nts Page 12
THE ADJUTANT GENERAL'S CORPS ASSOCIATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Notes Cash flows from oparating activiti•$ Cash geneialed from operations 391.036 29,9201 Nel cash provided byllu5ed inl operating activities 391.036 29,9201 Cash flows from inve8tlng aetlvities Pur¢hase of tangible fixed ass8ls Purchase of fixed 8ssel investments Sale ol fixed a5sel investments Interest received 15.0391 1196,1281 17,6761 1151,2951 248,000 1,229 537 Nèl cash lused inllprovlded by investing aclivllies 200 6301 90.258 Change in caBh and ¢ash equlvalenti In the reporting period Cash and ¢ash èquivalents at th• beglnnlng of the r•porting perlod 190,406 60,338 337,400 277,062 Cash and ¢a$h equivalents At tho end ol th• r•portlng p8rlod 337,400 The notes form part ol these financial statements Pag@ 13
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OECEMBER 2020 RECONCILIATION OF NET INCOME TO NET CASH FLOVI FROM OPERATING ACTIVITIES 2020 2019 Net income for thg reportlng p•rlod la$ per th¥ Ststom•nt of Financial Activities) Adjustments for: Depreciation charges Gain on investments Loss on disp0581 ol fixe(l assels Interest received Decreasellincreasel in sltscks Ilncreaselldecrease in debtors (Decreasellincrease in creditor8 609.920 135.127 32.265 1208.5741 7,889 15371 12.553 151.5141 10,9661 31.990 1272.6561 9,730 11,2291 118.8961 61.075 24,939 Net cash provlded byllu8od Inl op•ratloni 391.036 29.9201 ANALYSIS OF CHANGES IN NET FUNDS Al 1.1.20 Cash flow At31.12.20 Net ca8h Cash 31 bank and in hand 190 406 527 806 337,400 190.406 527 806 Total 337,400 190,406 527,806 The notes form part ol these financial slalemenls Page 14
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES 8a$i$ of preparing th• financial statements The finan¢Jal siaternen15 of the charily. which ts a public benefit enlity under FRS 102, have been prepared in ac¢or¢Jan¢e wth tl Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applb lo chafities preparing their accounts in accordanc wilh the Financial Reporting Standard appltcable in the UK an¢J Rep¢Jblic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic ol Ireland. and the Chariiies Act 2011. Thè financial stslements have been prepared under the historical cosl convention, with the exception ol investments whh are included at market value, as mcmlilied by Ihe revaluation ol certain asseis. The financial slalements are prepared in sterling vknich is the functional and presentational currency ol the charily. The financsal statements a rounded lo the nearest pound. The charity was fcwmed by Ihe mergw of the Adjulanl Geral'S Corps Regimental Asscti8lion and the Adjutant General's Corps Institution and il has applied mergef a¢counb"ng This charity commenced Ils oper8tions on 1 January 2020 and the comparatjve fi9uros Prnted in these accounts are the combine(J results of the two merged charities. The Truslgos cOnSer that there are no maierKIl Lbncertainbes about the chafily's ability lo continue as going concern. The most signifi¢anl eslimales affeclirKJ these accounls are the e51irnalions ol the uselul lives ol Ihe fixed assets There a no significant judgement5 which affect the amounts reeognised in the financial statements. Wrth resFect to the next reporting wriod. the most significant areas ol uncertainty Ihat affect the carrw'ng value of ossels hekl by Charity are Ihe level ol inveslmeni relurn and the performance of inveslments. Incom• All income is rewniw1 In Ihe Slalemenl of Financial Activilves once the charity has entitlement to the funds. il is probab that the income will be recer¥ed and U)e amount can be measured reliably. Expenditure Liabilities are recognised as expenditurea¥ won as there is a al orconstruclive oblig8lion committing the charity to thal expenditure, il is probable Ihal a transfer ol ec0M benefits will be required in seltlemenl and the amounl ol the obligation can measured reliably. Expendilufe is accounted for on an accruals basis and has been classilied und¢f headings thal a9grega¢e all ¢osi related 10 the caiegory, Where G05ts cannot be directly altnbuled lo partKular headirHJs they have been allocated lo activities on a basis consisient wrth Ihe use ol resources. Granis offered subjecl lo ColI110nS wffiich hove not been met at the year end date are noted as commi¢rnenl bul not acuued as exFendrtvie. Governance costs Governance costs are the cosis of professional advice, holding trustee meelings committee meetings associated with decision making, any fee for audit or independenl examinatson and any lee incurred in the preparation, stalutory filirwJ, printing or copwrBJ of the annual report and accounts. Allocation and apportlonm•nt of ¢o•t• Support cosis include administralive and governance costs. Administrative costs which felale lo specffic a¢livrties are all(Kaled to those aclivilies. General administrative cosis are shared equally between the lour acb"¥itses ol the charily as these utilise a similar level ol resources over the course of any given year Govemance costs are shared equally been the four of tt)e charity as these utilise a similar level ol resources over the course of any given year. Page 15 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES- continuèd Tangible fixed assets All assets having a purchase value of more than £500 are capitalised. The cosl ol iangible fixed assets are written off by equal annual instalmenls over Iheir expected useful lives using the following methods ol depreciation.. Furniture, lixlures and equipment- Slraighl Line over a peri(Kl 012 - 10 years Holiday Homes - Straight Line over a period 0120 years Assets with a life of more than one year bul with a purchase value of below £500 are included within the inventory but the cost is written off In the yea. it is Incurred and Is not deprecialed over the Ljselul life ol the asset. The charity holds some assets wlh a useful economic life in excess DI 10 years and with high residual values. These assets are not depreciated on the basis that any such depr8ciation charge would be immaterial lo these accounts. InvoBtmgntJ Investments are a form ol basic financial instrument and are initially recognised 81 their transaction value and subsequèntly measured al their fair value as at the balance sheet. The Charity's investments are held In unil trusts 8nd the lair value for these investments is equivalent lo the market value, using the bid price. All gains and Ioss8s are taken lo the Slalemenl ol Financial Activities as they arise. Realised gains and losses on investments are calculated 88 the difference between sales proceeds and their opening ¢arrw'ng value or their purchase value il acquired subseqLJent lo the first day ol th& financial year. Unrealised gains and losses are calculated as the difference between the lair value al the year end and their carrying value. Realised and unrealisod investment gain5 and losses are combined in the Slalemont ol Financial Activilies. Sto¢ks Stocks are valued al the lower of cost and nel rèalisable value. after making duo allowance for obsolete and slow rnoving Items T•x•tlon The charity is exempt from corporation lax on ils charitable activitie8. Fund accounting The charily currently hold5 only 9eneral purpose unrestricted funds. Unrestricted funds can be used in accordance with the charitable obje¢lives at the discretion ol the Iruslees. The Trustees have designated funding for the operation of Ihe AGC Sergeanls Mess and this is presenlgd as a separate designated fund within these accounts. Donatod services •nd fa¢llltl•8 Oonaled profession81 sèrvices and donated 18ci1ities afe recognised a5 income when the charity has control over tho item, any Conditions associated with the donated item have been met, the ieGeipl of economic benefit from the use by the charrty of the itern is probable and that economic benefit can be measured reliably. On receipt. donated professional services and donated facilities are recognised on the basis of the value ol the gilt to the charity which is the amount the charity would have b&en willing to pay lo obtain services or facilities ol equivalent èconomic benefit on the open market.. a corresponding amount is then recognised In expenditure in the period ol fe¢eipl Page 16 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continu?d FOR THE YEAR ENDED 31 DECEMBER 2020 DONATIONS AND LEGACIES 2020 2019 Regimental Subscriptions Donations Sergeanls Mess Subscripts'ons Grants Donated services and facilities 632,138 2,995 24,967 24,593 57.667 598.155 2.053 20.150 42,500 742.360 662.858 The Charity has a close working relationship with the Army and receives donated sèrvices froni Army personnel who manage its operations. The estimated value of these services to the charity ha5 been recognised In these financial statements. The Charity is also provided with office lacililies within the Worthy Down Army Camp at no cost. No Income is included in these financi81 stslemenls for Ihese donated facilities as it is not possible lo reliably measure the value of these gifts. Grants Ceived, included in the above, consist of £6,000 of grants in respect of Sports Excelnce Awards and £18.593 in respect of funding for the Triple Crown Challenge. INVESTMENT INCOME 2020 2019 Dividends received Deposit account inlerost 182,042 537 204,230 1,229 182,579 205,459 INCOME FROM CHARITABLE ACTIVITIES 2020 2019 Activity Fostering EspTIt de Corps Foslering Esprit de Corps Holiday Home Sale of Soldiers Accoutrements 17,950 2,439 25.254 2.611 20,389 27.865 Page 17 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENOED 31 DECEM8ER 2020 RAISING FUNDS Investment management ¢osts 2020 2019 Investment advice Bank Charges 935 1.852 355 935 2,207 CHARITA8LE ACTIVITIES COSTS Gfanl funding of a¢livilies Isee note 81 Direct Coslslsee note 71 Support cosls (see rle 91 Totals Fostering Espril de Corps 8enevolence & Welfare Mainlaining Coniacl & TrJilions ' Sports 197,770 10.625 28.010 10.625 65,050 70.432 14.336 14.338 14.336 14,336 277.156 95.395 42.346 128.150 103,189 247,030 238,671 57,346 543,047 DIRECT COSTS OF CHARITABLE ACTIVITIES 2020 2019 Staff costs Other charilabk activities Fld ol Remembrance Funeral Tributes Presenlalions Soldiers A¢coulrernen Sports Eycellence Awards National Memori81 Arboretum AGC Joijrnal Trip Crown Adventure Training Events & Recruiting Overseas Evenis cosls Holiday Home AGC Oinner Nighis Sergeanls Mess Depreciation 42.500 328 130 2.874 1.446 72.981 42,500 317 1,727 8,379 8,256 136.855 6.256 7,830 5,219 58.389 1.682 10.335 1,885 29,300 9,702 12.421 26,878 14,053 10.014 7,275 2,199 30,4L 6.611 29.335 26.878 247.030 367,931 Page 18 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020 GRANTS PAYABLE 2020 2019 Fostering Esprit de Corps Benevolence & Werfare Sports 65,050 70,432 103, 189 211,451 44,490 338,800 238,671 594.741 The total grants paid to instrtulions during Ihe year was as folk)ws'. 2020 2019 AGC Museum Trust Army Benevolent Fund 37.5(Kl 25.000 62.500 SUPPORT COSTS Governance costs Totals Fostering Espfit de Corps Benevolence & Weware MaintainirvJ Contacl & Traditions Sports 12.576 12,579 12,577 12.577 1.760 1,759 1.759 1,759 14.336 14,338 14,336 14,336 50,309 7,037 57,346 Support costs, induded in Ihe above, are as follows.. Other Fostering Esprit de Corps Maintsining Contact & Tradiuons Benevolence & Welfare Regimental Clerk Regimental Finan manager InsuranGe Telèphone Postage and stationery Website costs Other support costs Office Costs S(Jbscriptions Travel Cosis Depreciation of tangible fixed assets Loss on disposal of assets 605 5.764 185 606 5.764 185 6C 5,764 131 132 132 27 26 769 t,008 769 1,347 1,972 769 1,009 769 1,347 1,972 1.009 1.346 1,973 12.576 12.579 12.577 Page 19 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDEO 31 DECEMBER 2020 SUPPORT COSTS - continu•d Other- continued 2020 Total aclivilies 2019 Toial 8CtivitK?s Sports Regimental Clerk Regimental Finance manager Insurance Telephone Postage and stalior Website costs Other support eosls Office Costs Subscriptions Travel Costs Depreciation of tsngible fixed assets Loss on disposal ol asseis 2,423 23.056 738 9.413 16,222 153 1.315 1,421 69 92 5,288 4.123 403 5.112 9,730 5,764 132 527 26 769 105 3.075 4.034 3.075 5.387 7,889 769 1.347 1.972 12.577 50,309 53,341 Govtrnan¢• costs Fosieiing Esprit de Mainlaining Conlaci & Traditions Benevonce & Weware Auditors. rgmunefalion Auditors, remuneralion lor non audil work Accountancy and legal lees 750 450 560 750 450 559 750 450 559 1,760 1,759 1,759 2020 Total aclivili8s 2019 Total acliviligs Sports Auditors, r8munefal Au(Jiiors' remuneration lor n¢)n audit work Accouniancy and legal lees 750 450 559 3.000 1.800 2,237 4.011 1,155 10,325 7.037 15,491 Page 20 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020 10. NET INCOMEIIEXPENDITUREI Ne¢ inc(xnellexpendilurel is staled after chargingllrJe(Jitingl.' 2020 2019 Auditors. remuneration Other non-audit services Depreciation - owned assets Deficit on disposal ol fixed assets 3,000 1,800 32,266 7,889 4.011 1,155 23.372 9,730 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other inefft$ for ihe ypar en(1 31 December 2020 noT for the year ended 31 December 2019. Trustees. expensès Thece were no tru51ees' expenses paid for the Ye end8d 31 t)e¢emtr 2020 nor for the year ended 31 Decembef 2019 12. STAFF COSTS The charity has no employ*s and prowdes no employee benefits. 13. COMPARATIVES FOR ThE STATEMENT OF FINANCIAL ACTIVITIES Unieslricied funds INCOME AND ENDOWMENTS FROM Donalions an¢J kgacies 662,858 Charitable activities Fostering Espnl de Corps 27,865 Investmeni income 205,459 Total 896,182 EXPENDITURE ON Raising funds 2.207 Charitable activitie$ Fostering Esprit de Corps Benevolence & Wemare Maintaining Contact & Trad"on$ Sports 535,031 72,323 51,281 372.869 Total 1.033,711 Nel gains on Investments 272.656 NET INCOME 135.127 Page21 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS . continued FOR TtrIE YEAR ENDED 31 DECEMBER 2020 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted lund5 RECONCILIATION OF FUNDS Total funds brought forward 6,552.629 TOTAL FUNDS CARRIED FORWARD 6,687.756 14. TANGIBLE FIXED ASSETS FixtuS and fittings COST At 1 January 2020 Additions Disposals 645.320 5.040 11,4981 Al 31 December 2020 638.862 DEPRECIATION At 1 January 2020 Charge lor year Eliminated on disposal 99,990 32,266 3,6091 Al 31 December 2020 128.647 NET BOOK VALUE Al 31 December 2020 510,215 At 31 De¢embef 2019 $45,330 15. FIXED ASSET INVESTMENTS Listed investrnents MARKET VALUE Al 1 January 2020 Addition5 Revaluations 5.750.356 196.128 208,574 At 31 De¢embef 2020 6,155.058 NET BOOK VALUE At 31 December 2020 6,155.058 At 31 December 2019 5,750,356 There were no inveslment assels outsKJe the UK. Investments consist solèly of investsnents held in unit trusts Of olher collective investment schemes. Page 22 ItInLd...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2020 16. STOCKS 2020 2019 Stocks 6,343 18.896 17. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Pr8payrnenls and aCen income 122.227 70.713 18. CASH AT BANK AND IN HAND 2020 Total funds 2019 Total funds General lund Sergeants. Mess Cash In hand Bank Cufrent 8ccovnt Bank deposit account 275.077 204.827 47,901 322.978 204.827 132.463 204.290 Total 479,905 47.901 527,8( 337,41 Cash al bank and in hand is a financial assel measured at amortised cost. 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Accruals and deferred income 23,973 34.939 Deferred income. included in ihe above. relates io SL)suptits)s collected by the AGC Asstxialion on behall of the AGC HQ Olf1$ Mess. which Pohd over after the yearond.. 2020 Al 1 January 2020 Collected on behalf of the Mo P81¢J over to the Mess Al 31 Decemtr 2020 5.365 60.121 173 11,313 MOVEMENT IN FUNDS Net movement in lunds Translefs tseeen funds At 31.12.20 A11.1.20 Unrnstrlcted lund• General lund Sergeants, Mess 6.640.027 47.729 614,288 4.368) 7,254.315 43.361 6,687.756 609.920 7 297,676 TOTAL FUNDS 6.687.756 609.920 7.297.676 Pa9e 23 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - coDtinu¢d FOR THE YEAR ENDED 31 DECEMBER 2020 20. MOVEMENT IN FUNDS- continued Net movement in fund5. irKIled in the aly)ve as follovts.. Incoming resour$ Resources expended Gabns arKI losses Movement in funds Unrestricted fund$ General fund Sergeants, Mess 920.361 24.967 1514.6471 29.3351 208.574 614,288 4.3681 945.328 543.9821 208.574 609.920 TOTAL FUNDS 945.328 543.9821 208.574 6C19.920 The Sergeants. Mess furKI is a designated fuNI vthich tra$ income and expenditure in relation lo Ihe AGC HQ Warrant oificers. and Sergeants. Mess. Comparatives for movement in funds Net movement in funds Transfers between funds Al 31.1219 At 1.1.19 Unrestricted funds General fund Sergeants, Mess 6.552.629 127,398 7.729 140.0001 6.640,027 40.000 47,729 6,552,629 135,127 6,687.756 TOTAL FUNDS 6.552.629 135,127 6,687.756 Comp8rative net movement in funds. inclLbJed in Ihe atrM)ve are as follows". IncomirwJ Resources resou expended Gains and k)sses Movement in ILnds Unrèstricted funds General fund Sergeants. Mess 876,032 20.150 11.021.290) 12.4211 272.656 127,3 7,729 .182 1,033.711 272.656 135.127 TOTAL FUNDS 896.182 1,033,711) 272.656 135.127 Page 24 c0ntlnLd...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontinu FOR THE YEAR ENDED 31 DECEMBER 2020 21. RELATED PARTY DISCLOSURES Whilst the charity has a dose working relationship wth the Army, there a no transactions wth the Army which require disdosure undei SORP FRS102. The only transactions m&Je in favour of the Mess are wholly atlribulable io the charitable acIN1t of fvfthering military efficiency. The Chairman, who acts'as Managing Trustee, is a serving Of arKI fuffils Ihe r(Ae as Trvslee in accordance with the pplICab laws and regulatior. Dt5ring the year ended 31 December 2021 the charty pahl grants lotalling £37,500 to the AGC Museum Trust and made conlributions of £6.611 to events organised by the AGC HQ Officers Mess. The Adjutant Generafs Corps AsswAtion. the AGC HQ Offi¢%fs Mess and the AGC Museum Trust have some tru51ees in common and all of these charities share the object of promoting the efficiency ol the Adjutant General's Corp5. Page 25
THE ADJUTANT GENERAL'S CORPS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 INCOME AND ENDOWMENTS Donations and lega¢ies Regimental Subscriptions Donations Sergeants Mess Subscriptions Grants Donated ServIS an¢J facilities 632.138 2.995 24.967 24,593 57,667 598.155 2.053 20,150 42,5 742,360 662,858 Inv¢$tm8nt income Dividends received Deposit account Inleresl 182.042 537 204.230 1.229 182.579 205.459 Charitabl• activitie5 Holiday Home Sale ol Soldiers Accoutrements 17,950 2,439 25.254 2.611 20.389 27.865 Totsl incoming resources 945.328 8%.182 EXPENDITURE Investment m•nag•ment costs Investment advice Bank Charges 935 1,852 355 935 2,207 Charitabl8 activitie5 Donaied serViS Other Charitab aclivrties Field of Remembrance Funeral Tributes Presenlations Soldiers Accoutremenls Sports ExllenCe Awards National Memorial Arboretum AGC Journal Triple Crown Adventure Tiaining Events & Recruiling Overseas Events costs Carried forward 42,5(rf) 328 130 2,874 1,446 72,981 42,S(M) 317 1.727 8.379 8,256 136.855 6.256 7.830 5.219 58,389 1,682 10.335 1,885 289,630 14,053 10,014 7,275 2.199 153.8C This page dces not IcM part of the slaluw financ1 statements Page 26
THE ADJUTANT GENERAL'S CORPS ASSOCIATION OETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Charitable actlvltles Brought forward Holiday Home AGC Dinner Nights Sergeants Mess Fixtures and fittings Grants to Institutions Grant5 to individuals 153,800 30,406 6,611 29.335 26,878 62.500 176.171 289,630 29,300 9,702 12,421 26,878 594,741 485,701 962.672 Support ¢o$ts Other Règimental Clerk Regimental Finance manager Insurance Telephone Postage and stationery Website costs Other support COSts Office Costs Subscriptions Travel Costs Fixluies an(1 fillings Loss on disposal of assets 2.423 23.056 738 9,413 153 1,315 1,421 69 92 5.288 4,123 403 5,112 9,730 527 105 3,075 4,034 3,075 5,387 7,889 50,309 53,341 Governance costs Auditors, remuneration Auditors, remuneration lor non audit work Accountancy and legal fees 3.000 1.800 2.237 4,011 1.155 10.325 7.037 15,491 Total resources expended 543,982 1,033.711 Net incomellexpenditur•l 401,346 137,5291 This page does not form part of the stalulory financial slalemenls Page 27