REGISTERED CHARITY NUMBER: 1185298 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 FOR THE ADJUTANT GENERAL'S CORPS ASSOCIATION Rothmans Audit LLP Chartered Accountants & Statutory Auditors Avebury House st Peter Street nchesler Hampshire S023 88N
THE ADJUTANT GENERAL'S CORPS ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 R•port of th• Trust•88 1 to 7 R•port of the Indeynd•nt Audltor4 8 to 11 Sttsm•nt of Flnanclal ActlvltS•8 12 Balanc• Sh•et 13 CaBh Flow Statsm•nt 74 Not•• to the Cash Flow Statem?nt 15 NoteB to the FinancSal Stt¢m•nts 16 to 26 D•tall•d Stat•m•nt of Flnanclal Actlviti 27 to 28
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 1. The trustees present their port wrth the financial statements of the ¢harity for the year ended 31 December 2021. The Iru5tee5 have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelantj IFRS 1021 leffective 1 January 20191. REFERENCE AND ADMINISTRATIVE DETAILS 2. The officAI name of the Charity is The Adjutsnl General's Corps Associatyon. R•glst•r•d Charlty Numb•r.' 1185298. Prfnclpal Office Headquarters Adjutant General's Corps The Gloucester Building Worthy Oown Winchester S0212RG Telephone.. Website.. Email.. 0300 1533 4B6 www.agcassociation.co.uk corpshq@oudook.com 3. Tru¥tso# •nd Offi¢•rn ¢f the Charlty The Trustees of the Charity are.. Colonel Suzanne Jane Holmes ADC (From 2 March 2020 to 4 June 20211 Colonel Victoria Whiting ADG (from 4 June 20211 Colonel (Retired) Karen Graham OBE I to 5 October 20221 Lieutènant Colonel Paula Janet Nicholas MBE I to 06 April 20221 Lieutenant Colonel John Aecock l from 29 April 20221 Warrant Officer Class 1 Icorps Sergeant Majorl Andrew Heron I to 6 April 20221 Warrant Officer Class 1 Icorps Sergeant Majoil Wayne Heathcole l from 8 April 2022) Colonel Scott Martin Vardy Colonel Sarah Louise Pringle-smilh lfrom 6 April 2020 to 13 July 20211 Colonel Scott Meredith Ideceasedl (from 13 July 202110 6 April 20221 Colonel Douglas Hutchinson (from 6 April 20221 Lieutenant Colonel James Anthony Mullen Carmichael (from 7 October 2020 to 4 October 20211 Lieutenant Colonel Helen Bowman (from 4 October 20211 Colonel Colette Macdonald OBE lfrom 25 September 2020 to 13 July 20211 Colonel Matthew Ketterer (from 13 July 2021 to 5 October 20221 Colonel CT8ig Terblanche l from 5 October 20221 The Executive Officers conducting the day to day operations of the Charty are.. Lieutenant Colonel (RetidI Michael John Robert Cotton MBE Icotps Secretsryl Major (Reliredl Joseph Bright M8E (Assistant Corps Secretary) l Reb'red on 20 May 20221 Page 3
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 REFERENCE AND ADMINISTRATIVE DETAILS Auditorn Rothmans Audrt LLP Avebury House 6 Sl Peter Street nchester S023 8BN 6. Ind•p•ndont Advisor Brigadier (Reliredl Noel Muddiman CBE 8 Wldwood Close Okl Harlow Essex CM17 OJD 7. L•gal Advi80rn Blake Morgan LLP New Kings Court Tollgate Chandle¢s Ford Eastleigh S053 3LG B•nktrrn Royal Bank of Slland Holt's Military Banking 200 Fowler Avenue FoWr Business Park Famborough GU14 7JP STRUCTURE. GOVERNANCE AND IMNAGEMENT 8. Gov•mlng doeum•nt The Objects of the Charity are laid down in the Constitution Docunnl. Thg PrinpaI Objects are to promote the efficiency ofthe Corps by maintaining contact beeen the present and past nMberS ofthg Adjutant General's Corps and the forn[ ts)nststuent corps and to foster esprit de corps, comradeship, welfare of the Adjutsnt Gengral's Corps and to preserve it5 tradOn$. The Association exists to SLtpport the present and past members of the Adjutant General's Corps and their dendants, who are in genuine need, suffering hardship or distress. 9. Ttea¥ There may be up to eight Appointed TNstees and four Nominated Trustees. Each of the four Branches of the Corps may propose a person who act as a Nominated TNstee in acrdanCe with the Consbtution ument. All Twstees attend Trustees Training and a training Ir is kept. 10. Oryanlsatlonal Structure Day to day management of the Assocration is delegated lo the Assistsnl Corps Secretary who consu with the Corps Secretary and the Colonel AGC when requirgd. These personnel are employed by the Army and dona¢e their services to the chanty. 11. B•n•vol•n¢• The Trustees have delegated the management of bgnevobnce to the BeneVOnCe Committee who are empowered to approve grants for benevolence cases lo a maximum of £3.000 for any one case. During the year. additional funding for benevolence was provmded Irom other A880uab"ons, The Royal British Legion, ABF The Soldiers Charrty and other Chantable Organisations. 12. Risk M•nag•m•nt The major risks lo which the Charity is exposed, as identified by the Trustees, have been revwed and systems have been established to manage those risks. The key risks identified by the Trustee5 indude the following.. Finance.. Risk that Statutory Accounts are not prepared appropri81ety and filed on a timely basis. Risk mitigated, as Assouation has apF)inted a qualified Chartered Accounlanl as the FinanrE Manager. Risk that there is insufficient in¢omè to cover costs and benevolent payments. Risk as Trustees have implemented rigorous controls over future spending. Human Resources.. Risk that there Is 8 loss ofexperiènce, corporate knoedge and skills, due to gapping and service efficiencies. Risk miligaled through training and rediStributn of responsibilit. Page 2
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 13. Publlc B•n¥fft The Trustees have paid due regard lo the Charity Commission's guidance on publ benefit in deciding what activities the charty should undertake. The fund provides public benefit by assisting serVe personnel of the Adjutant General's Corps to more effecb'vely perfomi their roles within the British Army. 11 dS this by providing support for benevolence, welfare, sports and recreational activities. This assistsnce enables service personnel to face the challenges antj dangers associated with military SerVe by developing and maintaining teamwork, fitness, character, spirit and morale. By Supporting t)oth the seNing and the retired communth'es, it embraces esprit de corps by promoting the concept of'support for life,. As a result, the Adjutsnl General's Corps Association prornoles the efficiency of the Armed Forces of the Crown by enhancing the British Army's capabilty to undertake the roles demanded of it, in¢luding the defence of the United Kingdom and its interests. OBJECTIVES AND ACTIVITIES 14. Objects of the AssoclatSon The objects ofthe Association are lo promote the efficiency ofthe Adjutant General's Corps IAGCI in Suth ways as the Trustees shall think fit in particular but not exclusively by-. Maintaining contact beeen the members of the AGC andlor the fomier conslftuenl Corps. b. Fostering espnt de rLJrps. c. The protection and advancement of the heritage and ethos of the AGC. d. The relf of members and former members of the AGC andlor members of the former conslrtuent Corps, in the event the fomier ¢onstsiuent Corps, benevolent funds fail and their dependants, who a in need by reason of their youth, age, infirmity or disability, financial hardship or social Circumstances. 15. P.owern of the Association The CIO has the power lo do anything that is cakul8led lo luther ts Objects or is conducNe or incK1entsl to doing 30. In particular, the CIO has the power to.. a. Take all necessary action for publicising and disseminating infomiation, including bltt not limited to. the histories. deeds and trad((n$ ofthe CIO and the AGC. b. Borrow money and to charge the whole or any part ol its propety as security for the repayment of the money b¢rrowed. The CIO musl comply as appropriate with seth.ons 124 and 125 oflhe Charities Act 2011, if it wishes to mortgage the land. c. Buy, take on lease or in ¢xchange. hire or othe1$¢ acquire any Pfopety, maintain and equip it for use. d. Sell, lease or otherwise dispose of all or any part of the proFerty belonging to the CIO. In exercising this power, the CIO must comply as approprrate with sections 117 and 119 to 123 of the Charth'es Act 2011. e. Empby and r&mun&r*e such Staff as are necessary for carrying out the woth of the CIO. The CIO may employ or remunerate a Trustee onty to the extent that il is perm¢tt&J to do so by clause 6 and provhled it complies with the condits'ons of that clause. Deposit or investfunds, employ a professional lund-manager, and arrange forthe investments OT Other propety of the CIO to be held in the name of a nominee. This Is rried out in the same manner and subject lo the Same condf(ion5 as the trustees of a trust are permitted lo do by the Trustee Act 2000 and do anything else wrthin the law that promotes or helps to pronte the Objects. Page 3
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 16. Objocthim For th• Y••r The main objectwes fr)r the year were". a. To respond qUIY and mpaSsIOnate to requests for benevolence assistance. b. To provbde support for serving personnel who are injured or are suffenng with pwr health, by way of finanaal assistance Whe needed OT appfoprie. c. To provide support lo the next of kin and tsmily of those seNing and ex-serving who had suffered bereavemgnt. d. To provide for social gatherings for serving and rth'red rmmbers in order to foster Comradeship and esprit de ¢orp$. e. To in¢rea$e the level of subs¢rit•rs to the As6oci8ti0n. f. To produce a high qualty Corp$ Magazine IAGC Joumal}. g. To enhance the quality and types of Cory)s Sport, erthuraging the widost participation, partUI0rty by the t7KJre junior officers and soldiers. ACHIEVEMENT AND PERFORMAt4CE 17. All the main obj'ectives for the yearwere achieved. 18. The BenevoKgnce Committee provided finanaal assistance lo those who were in genuine ne811 or suffering hardship. This included assistance wth priorty debts, rent and c4JunciI tsx arrears, rentadvance, purchase of essentol household ite. travel costs, purchase of Items for children and grants for general needs. The Number of benefi¢iaries of tenevolenee grants was 92 members and the total arUnt granted from the AssociatK)n vras £50,468. 19. The Trustees extend their thanks lo The Royal British LegH)n, other Associations and ABF The Soldiefs Charity for their generosty over the past year to the memters ofthe A5sociatson who have required 8SSiStancg. The Associabon donatsd £55,000 to the Amiy Benevolent Fund. 20. The A550u'ation provided support for social gathering$ to foster comradeship and g$Prit de corps, bul was constrained by the effects ofthe pandem. The AssociatKsn expended £48,087 on fraternaj grants throughout the year. 21. The Asscciation expended £144,251 on sporting actNf(ies throughout the year, tr4Jl many planneil events were cancelled or postponed due lo the pandèmic. The Trustees extend their thanks to the Army Sports Control Board frjr the grant of £50,000 1¢)wards sports costs. 22. The Association fvnded tt)e constnjction of a Nepalese Messing Facilty at Worthy Dtrwn. wrth grants received from the Brigade of Gurkhas and Royal Logists"c Corps. The Facilty will be available to all personnel who vi8it or are completing training at Worthy D, as well as permanent staff. 23. The AGC Holiday Homes are 2 static ¢ar8vans and a lodge split befvRen Devon and the Lake District that are available lo AGC wrving personnel & veterans to book at a heavity subsidise(I rats. Several weeks of the year they are gwen over to welfarelo)mpa5sionale ¢a$es at zero cost to the beneficiary. They are nornwlly run at a loss. This year they turned a cash profil of £10,476. This increase was due to a 2020 repayment of £4,131 for non-use during bckdown, and a reductth in VAT rates. However after deducb'ng dgpreciation of £26.787, there is a nt k)ss of £16,311. Page 4
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 2021 24. The Association awarded a grant of £19,500 to the AGC mvseum. The Museum is open to all serving personnel and veterans and offers free enty. 25. The annual commemoratitsn service 81 the AGC plot al the National Memorial Arboretum was held on 28 September 2021. The fomial opening of the Field of Remembrance al We5tminsler Abbey in November 2021 was carried out UCed attendance due to construction work at the Abbey. 26. The work of the Association and the benefits provided are briefed lo all new officers and soldiers, encouraging them to join. We are pleased to report that alnTh)st 100% of new entrants join the One Day's Pay Scheme 8nd subscribe to the Association 27. The Adjutant General's Corps Association Icharitable Incorptsraled Organisalion ICIOI wislere¢ charity number 11852981 was fomied on the 13th of September 2019 from the Adjutant General's COTPS Regimental A550cialion and the Adjulanl General's Corps Inslrtulion. Our legal advisers have camed out the merge with the Charities Commission and the tsyo forrner charities have been renKiv¢d from the Charyty Commission register. FINANCIAL REVIEW 28. R•ser¥es Policy The current level of reserves is £8.4m, ofwhi¢h £7m is held in Investrnents. The polry for ihe Reserves of trTre Ass(tiion is to enable the Association to meet the fvture benevolence costs ofthe increasing number of members of the A550ryalion and their dependants who are the beneficiaries and the reserves shoukl not be ¢a11ed Upon unts'l 2047. Investment growth that is not used for day-to4ay business is invested in the Amed Forces Common Investment Fund IAFCIFI, the CCLA Property Fund. The Charities Propety Fund, The Sara5in Food & Agricultural Opportunities Fund and the Charity Equity Fund. 29. Prin¢ipal Fundlng Sourc88 Subscriptions from serv1ng and Volunteer Reserve members ofthe Day's Pay Scheme were credited to the Association Fund. Subscriptions from rank range Sergeant to WaTrant OfficeT Class 1 were collecte{1 al 120% of one day's pay The additional 20% was retsined in the fun¢J for exclusive use of the Corps Sergeants Mess Subs¢nptions from officers were collected al 150% of one day's pay. The addf(ional 50% was transferred to the Headquarters Officers, Mess Account. Subscription5 received from retired members along with grft aid receipts were credited to the Association Fund. 30. The charity dS not fvndraise extemally and does not therefore subscribe to any schemes or stsndards for funOrais1ng regulatn. There have been no complaints about fundraising activr(S in the period. Investments 31. On the fomion ol the AsSociatn, the Trustees recognise(I the need to establish long-lerrn finanoal reserves and therefts continuè to maintain an investment portfolio on behalf ol the Association. The investment policy is to incTease the value of the fund in orderto provide a reserve forthe fvlure benevolence ngeds of the growing membership of the Asso¢ialioft and their dependants. FUTURE OEVELOPMENTS 32. Following the Integrated Review. and eonsequent reduction in the Amy's manp¢)wer. il 1$ expected that through 2022 and out to 2025 there will be a steady and gradL5al reduction of the income from thè One Day's Pay Scheme as restructuring takes place Expenditure, depressed for the last 2 year5, is expected to turn to, and indeed exceed, pre-pandemic levels dvnng thè course of 2022. 33. 2022 is the 30th Anniversary of the formation of the COTPS. To celebrate the Associats'on will fund several extrdordinary events. including an All Ranks Dinner Night in April, the unveiling of a Lion Monument, fe5ts"vallfrdmilies day at Worthy Down in Juw, a Freedom Parade through Vmnchesler in October, and finally a carol Service in Win¢hesler Cathedral In November. Page 5
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 34. An Actuarial Review was conducle<l by Management Accountancy Services IAmyl.11 pOrted in April 2022 and recommended that the AGC Trustees maintsin the ¢urrent Investments and Reserve5 pol within the 40 year projection induded in their POrt. The aim of the review is to ascertain the predicted sl of benevolence taking into account inflation and the anb'cipated rise in potential beneficiaries. The. AGC Association Board of Trustees met in April 2022 to discuss whether current reserves are sufficient to meet the fvlure negd. The Trustees voted to keep the amount of fvnds ringlenced for benevoler at the previousty agreed rale of £5m +1%+inflation. 35. In 2021 the AGC Council voted in a new cypher to replace the existing cap batjge, and approved changes to some cap badge cOulMents. The new cypher will go live in Apr 22 on the dale of the anniversary. This will incur significant ¢osl as gImental accoutrements (cap badge Tactical Recognib"on Flashes, badges, tets etcl are repla&*l. all brdnding is refreshgd and sports teams purchase new dothing el¢. FUNDS HELD AS CUSTODIAN FOR OTHERS 36. The Adjutant General's Corps AsstthatK)n does not hold any assets on behamof other charities. Page 6
THE ADJUTANT GENERAL'S CORPS AssocoN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF TRUSTEES. RESPONSIBILITIES - eontlnu•d The tnjstees are responsible for preparing the Report ol the Twstees and the financial statements in aOrdanCe wrth applicable law and Unit&J Kingdom Accounting Standards IUnf(ed Kingdom Generalty Accepted Accounting Pracbcel. The law applicable to charities in England and Wales requires the Iru5tees lo ppa financial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the Incoming resources and application of resources, of the charity for that period. In preparing those financial stateThents, the INslees a requ1red lo select surtable accounting poliues and then apply them consislenuy,. observe the methods and principles in the Charity SORP,. make judgements and estimate5 that are aSOnable and prudent., state whether applicable accounting standards have been followed, subj'ect to any material departures di10$ed 8nd expi8ined in the financial statements., Ppare the financial staterrEnts on the going concern basis unless it is inapproprFate to psume th* the charity will continue in business. The trustees are responsible for keeping sufficient acUntIng recor¢Js that disdose with reasonable accuracy al any lime the financial position of the chanty and lo enable them lo ensure that the financral stslements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for Safeguarding the assets of the charity and hence for tsking reasonable step5 for the pVentIOn and detection of fraud and other irregularrties. The trustees are Tesponsible for the maintenan¢e 8nd integrity of the charty and financial infom81ion included on the charty's websrte Legislation in the United Kingdom goveming the pparatIon and dissernination of financial statements may differ from Wis18b"on in other jurisdictions. In so far as the trustees a awa.. the 1$ no rèlevant audit informatK)n of which the charity's audthrs are unaware., and the Iru51ee5 have taken all slep$ that they ought to have taken lo make theMseeS aware of any vant audit information and lo e5tabli5h that the audrtors are aware of that information. AUDITORS The auditors, Rolhmans Audf( LLP, wlll be proposed for re-appointment al the forthcoming Annual General Meeting. ON BEHALF OF THE BOARD.. Lieutenant Colonel John Wecock Colonel Scott Vardy Dale". 19 Ock.ffi ?021 Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION OplnSon We have audrted the financial stst8mènts of The Adjutant General's Corps Assocjation Ithe 'charty'l for the year ended 31 DecEmbeT 2021 whh (x)mprise the Statement of Financial ActNilies, the Balance Sheet. the Cash Flow Ststement and notes to the financial statements, including a summary of signfficant xcounting policies. The financial reporting framework that has been applied in their pParatn is appIlb8 law and Unf(ed lQngdom Accounbng Standards (United lQ'ng¢Jom Generalty AccEpted Accounting Practice). In OUT opinion the financial stslements.. give a true and fair view of the stste of the charity's affairs as at 31 December 2021 and of its in¢oming resources and application of resources, induding its income and expendf(ure, for the year then ended., have been propety pPared in accordance wth Unrted 'ngdorn Generalty Accepted Accounting Practice., and have t4en prepared in rdance with the requitemènts of the Chanties Act 2011. Basls for oplnlon We conducted our audit in accnrdance with lntemab.onal Stsndards on Auditing IUKI IISAS IUKII and appli(8ble law. Our resw)n$ibilities underthose standard5 are fijrther described in the Auditors, responsibilities for the audit ofthe financial stslements section ofour reporL We are independent ofthe charity in accordance with the ethul requirements that are resevanl to Ouf audit ofthe financial ststements in the UK, induding the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilit in accortjance with Iheso requirements. We believe that the au¢Jit eviden we have obtained is sufficient and appropriate lo provide a basis for our opinK•n. Conclusion8 rolating to going COnM In auditing the financial statements, we have e£)ncluded that the trustees, use of the going ¢onc8m basis of accounting in the preparation of the financial ststements is appropriafe. Based on the work we have performed. we have not identified any material uncertainties rolating to eVts or condthons that, ind¢vidualW or collectivety, rnay cast signrficanl doubl on the Charity's ability to continue as a goiftg ¢oneem for a wriod of al least 1ve months from when the financial statements are authorised for issue. Our $$1b11ths and the responsibilities of the trustoes with reSt to going CareM are described in the relevant sectv)ns of this reporL Othér Infomatlon The trustees are responsible for the other informali¢M. The other infom)ats"on comprises the inf0mtion induded in the Annual Report, otherthan the financial statements and OUT Report ofthe Independent Auditors thereon. Our opinion on the financial statements does not cover tho Other infomation and, exeepl to the extent otheThvsse expliaty stated in our rem we do not express any 10rn7 of assurance conclusion thereon. In connectKJn wfth our aud(( of the financial slaterrEnts. our responsibility is to read the other informatK)n and. in doing so, consitler whether the other information is materialty inconsistent with the financial stslements or our knowledge obtained in theaudf(or otherwise appears to be materialty misstated. Ifwe identify such malellal inconsistencies or apparent materval misstatements. we are required to deterniine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perforn)ed, we. condude that Ihorg is ¥ matsrial misstatement ofthis other infomiation. we aro required to rop)rt that fact IA* ha nothing to report in this regard. Page 8
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION Matters on whlch w• ar• r•qulred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in thg course of the aud¢ we have not idenlffied material misstatements in the trustees, reporL We have nothing lo pOrt in respect of the following matters where the Charities (Accounts and Reports} Regulations 2008 requires vs lo report lo you if, in our opinion.. the infom*on given in the R8pDrt of the Trustees is inconsislenl in any material respect wf(h the financial Statements,. or Sufficient accounting records have not been kept,. or the financial statemènts a not in agreement with the accounkn'ng records,. or we have not rwived all the information and explanations we qUi for our audr(. RponsIbl1ft1QS of trustees A5 expl81ned more fvlly in the Statement of Trustees, Responsibilities. the trustees are responsible f¢r the prepafation of the financial stslemenls and for being satisfied that they give 8 true and fair view, and for such inlemal control as the trustee5 delemine is necessary to enable the preparation of financial statements that are free from matsrial mis$tatemenl. whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the chanty's abilty to continue as a going concern, disclosing, as applicable. matters related to going ¢on¢em and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations, or have no realisb'¢ altemative bul lo do $0. Our respon$lbilltl•s for the audit of the fin¥n¢i•l $tatèmènts We have been appointed as auditors under Section 144 of the Chartti8s Act 2011 and report in accordance wth the Act and relevant regulab'ons made or having effect thereunder. Our objectives are lo obtain ieasonable assurance aboutwhelher the financial statements as a Who are free from materi81 misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ?yS detect a material misstatement when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a99gate, they could asonabty be expected lo influence the econornic decisions of users taken on the basis of these financial stslenwnts. Irregularities. including fraud, are instsnces of non<omplrance with 18ws and regulations. We design procedures in line wth Ouf responsibilities, outlined above. lo detect material misstatements in respect of irregulaTlties, including fraud. The extent to whTch our procedu5 are capable of detecting irreJuL4rilie$, including fraud is detailed below.. Th• extent to which the audit w•$ ¢onsld•r•d capable ol dtte¢tlng Irrngularftles including fraud Our approach to idenknfying and assessing the risks of rnalerial misstatement in res of irwul8Titi8$, including fraud and non-compliance with laws and regulations, was as follows." the engagement partner ensured that the eng8gemenl team collectivety had the appropriate mpetence, capabilities and skills to identify or recognise non<ompliance with applicable laws and regul8b"ons-. we identified the laws and gUlationS applicable to the charity through discussions with the trustees and other management, and from our knowledge and experience of the charities sector." we focused on specific laws and wulalions which we considered may have 8 diwl material effect on the financial statements or the operations of the charity. including the charib.es Act 2011. we assessed the extent of mplianCe with the laws and regulation5 idenb.fied above through making enquiries of management and inspecting legal correspondence. The identrfied laws and regulations were communicated within the audit team regularfy and the team remained alert to instances of non- compliance throughout the audit. Page 9
REPORT OF THE IhlDEPENDENT AuDrroRS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCiATION We assessed the susceptibility of the chanty's financial statemonts to material misstaterrEnt, induding obtsining an understsnding of how fraud might occur, by.. making enquiries of mana9ement as to where they considered there was susceptibility to fraud, thoir knowledge of actual. suspected and alleged fraud., and considering the intemal ¢ontrols in place to mitigate risks of fraud and non-¢¢)mpliance with laws and regulations. To dresS the risk of fraud through management bias and overritje of ntrolS, we.. performed analytical Pr(edUreS to enIty any unusual or unexpect1 lationShIPs., tested journal entries during the year and at the year-end lo idenlfy unusual transactions,. assessed whether judgements and asSUmptnS made in detemining the w)unting eslim8les set were indi¢ativ$ of potential bias., investigated the rionale behind stgnificant or unusual transactions.. In resp)nse lo the risk of lrregularrtS and n0t)-Q)mplk4nwlth laws and regusns. we designed procedures vthich included. bul were not limited lo.. agreeing financial statement disclosures to undertying SUPPOTting decajmentation; reading the minutes of meetin9s of those charged with governance., enquiring of management as to actual and potential lits"gats"on and claims,. reviewing correspondence wth ielevanl regulalots and the ¢hanty's advisors," and reviewed legal and professional expenditure inrjjrred in the year. The a inherent limitations in our audit procedures des¢ribed above. The more renv)ved that laws and regulats.ons are from financial transactions, the less likely il is that we would become aw8re of non-compliance. Auditing standardsalso limit the audit procedures required to identy'fy non-compliancewith lawsand regulations to enquiry ol the directors and other management and the inspectson of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harde¥ to delect than those that arise from error as they may invofve deliberate cL)ncealment or collusKJn. A further descriptK)n of our responsibilities for the audit of the financial statements is located on ihe Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn part of our Rèport of the Independent Audrtors. Pagg 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION U•e of our report This pOrt is m8de solely to the charity'5 Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Repcrtsl Regulats'ons 2008. Our audit work has been undertaken so that we might state to the chanty's trustees those matters we are required to stale lo them in an auditors, port and for no other purpose. To the fvllest extent permitted by law. we do not accept or assuff responsibility to anyone other than the charity and the charity's trustees as a body, for our audrt work, for this pOrt. or for the opinions we have RON_ /ILI1R Rothmans Audit LLP Chartered Accountants & Ststutory Auditors EIHJible lo act as an auditor in terms of Section 1212 of the Companies Act 2006 Avebury House St Peter Street n¢hester Hampshire S023 8BN P8ge11
THE ADJUTANT GENERAL'S CORPS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 unrestn.cted unS1cted & total fvnds & total funds Notes INCOIIIE AND ENDOWMENTS FROM Donations and aues 798,260 742,360 chOrttsb actl¥ltl•8 Fostering Esprit de Corps 37,268 20,9 InvestsiMI incorr 182,579 Totsl 1,021,763 945,328 EXPENDITURE ON Raising funds 1,921 935 Charliable activitle Foslenng Esprit de Corps Benevolence & Weffare Maintaining Contact & Traditsons SFQrts 264,904 131,026 48,459 169,524 277,156 95.395 42,346 128.150 Totsl 615,834 543.982 Net gains on investments 208 574 INCOME 1,102,505 609.920 RECONCILIATION OF FUNDS Totsl fvnd• brought fonward 7.297,676 6,687,756 TOTAL FUNDS CARRIED FORWARD 8400 181 7 297 676 The notes fom part ofthese financial statennts Page 12
THE ADJUTANT GENERAL'S CORPS ASSOCIATION BALANCE SHEET 31 DECEMBER 2021 2021 2020 Unrestricted Unrestricted & total funds & totsl funds Notes FIXED ASSETS Tangible asse15 Investrnents 14 15 529,904 7,028 322 510.215 6 155058 7,558.226 6,665,273 CURRENT ASSETS . Stocks Debtors Cash at bank and in hand 16 17 18 2,175 408,379 6,343 122.227 869.996 656,376 CREDITORS Amounts falling due wthin one year 19 128,0411 123,9731 NET CURRENT ASSETS 632 403 TOTAL ASSETS LESS CURRENT LIABILITIES 8,400,181 7,297,676 NET ASSETS 8400,181 7 297 676 FUNDS Unrestricted fvnds 20 8400 181 7 297 678 TOTAL FUNDS 8400 181 7 297 676 The anci 0¢ talements were approved by the Board of Trustees antl authorised for issue on Lieutenant Colonel John Al Colonel Scott Vardy The notes fom part of these financial statements Page 13
THE ADJUTA1 GENERAL% CORPS ASSOCIATION CASH FLOW STATEMENT FOR THE YEAR ENDEO 31 OECEMBER 2021 2021 2020 Notes Cash flo from op•ratlng activitieB Cash generated from operab"on$ Net cash provthd byllused in) operating pthities Cash I1 fvom InTffttlng actlvltl•8 Pur¢hase of tangible fixed a55ets Purchase of fixed awt investments Sale of fixed asset investrnents Intewt rnceNgd 150.3781 1176.6871 15,0391 1196.1281 24 537 Net cash lused inyprovided ty investin9 activths Ch*ng• In cash and cash •quivalents In the rnporting period Cash and cash •quival?ntB #t th• b•ginnlng of thg r•portlng riod 190.4C6 337.4 Ch and ¢a$h •qulval•nts at the end of the reporting p•iiod 459 442 The notes fomi part of these financAal 3tsteftts Page 14
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEM8ER 2021 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERAnNG ACTIVITIES 2021 2020 N•t Incom• for th• r•portlng prlod las p•r the Stat•m•nt of Financial Acttvitiesl Adlu$tments for: DeprerAation charges Gain on investments Los5 on disposal of fixed assets Interest received Decreasellincreasel in stocks Ilncreasellda¢rease in debtors (Decreasellincrease in ClI0rS 1,102,505 609,920 30,689 1696,5771 32,265 1208.5741 7,889 15371 12,553 151,5141 10.966 1241 4.168 1286,1521 4.068 $h provid•d by1(¢d in) 0tiOnS 158677 391 036 ANALYSIS OF CHANGES IN NET FUNDS A11.121 C8sh flow At 31.12.21 Net cash Cash * bank and in hand 527 806 Total 459,442 The notes form part ofthese financial 5ts1ements Page 15
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 AcCOUPING POLICIES BaBi8 of proparfng the financlal 8tatom&nt8 The financial statements of the charity. which is a publ benefit gntty under FRS 102, have tseen prepared in ardance with the Charitw SORP IFRS 1021 'Accounting and Reporting by chant&$." Statement of Recommended Practice applicable to chantw preparing their accounts in accordance with the FinancKg1 Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffective 1 January 20191., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, and the Charities Act 2011. The financ1 statements have been prepared under the historical cost convention. wrth the exception of investments which are induded at markgt value. as modffied by th¢ revaluation of certain assets. The financial statements are prepared in sterting which is the lunth.onal and presentational currency of the charity. The financial Statements are rounded to the nearest pound. The charity was fonmod by the merger of tho Adjutant Genef81's Corp$ RegirrEntal Assc¢iatson and the Adjutant General's Corps Insbtution on 19th September 2019. The Trustees consider that there affj no material uncertainb.es about the charity'5 ability to ntinue as a going nCern and these accounts are Pfepared on a going concem basis. The mst signfficant estimates affecbng these a¢¢ounts are the esb"mation$ ofthe usefvl INes of the fixed assets. There are no signtfit2ntjudgements which affect the amounts rwjnised in the financAal statements. respect to the next reporting penod. the most Significant areas of uncertainty that affect the carying value of assets held by the Charity ore the level of investment return and the perfonnance of investsiwrts. Incom• l income is reco9nised in the Statement of Financial Actniities once the charity has entittem&nl to the fijnds, it is probable that the income will be rgceived and the amunl can be measured reliabty. Expondltur• Liabilib'es are recognised as expenditure as soon asthere is a legal or constructwe obligation commrtting the charty lo that expenditure, rt is probable that a transfef of economic benefits will be requi in setuement and the amount of the obligation can be measured reliably. Expendrture is accounted for on an accruals basis and has been classffie(l under headings that aggregate all cost related lothe category. ere costs Cannot directy attributed to particular headings they have been allocated to actNit$ on a basis consistent with the use of resources. Grants offed subject to conditions whi¢h have not been mel at the year gnd dats are noted as cL)mmilrrEnl but not accrued as exFenditure. Governan¢• costs Govemance cost5 are the costs ol professional advice. holding trustee meeting5 or committee nwotings associated wf(h decision maktng, any lee for audit or independent examination and any fee incurred in the preparation, statutory filing, prinb.ng or copying of the annual POrt and accounts. Allocation and apportlonm•nt of costs Support costs include administrative and govem8nce Costs. Administrative costs which relats to specth actwilios are allocated lo those athitio$. General administrative costs are share<1 equally befvleen the fouractivtbos of the charity as these utllise a $imiLar vèl of resources over the course of any given year Govem8n¢e costs are shared equalty befvffjen tho four xtivilies of the chanty as these utilise a similar level of resources over the course of any given year. Page 16 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continu FOR THE YEAR ENDED 31 DECEMBER 2021 ACCOUNTING POLICIES- contlnu•d Tanglbl• Ilxed assets All a55els having a purchase value of more than £500 are capitalised. The cost of tsngible fixed assets are written off by equal annual instalments over their expected usefijl lives using the following method5 of deprecrab'on". Fumiture, fixtures and equipment- Straight Line over a period of 2 - 10 years Holiday Home$- Straight Line over a period of 20 ye8rs Assets wilh a lrfe of more than one year but with a purchase value of below £500 are included wi(hin the inventory but the cost is wrrtten off in the year il is incurred and is not deprlated over the useful life of the asset. The charty holds some assets with 8 usefvl economic lrfe in excess of 10 years and with high residual values. These assets are not depreciated on the basi5 that 8ny such deprecKats'on charge would be immaterial to these accounts. Investments Investsnents are a fom Of basic financial instrument and are initially recognised at their transaction value and subsequendy measured al their fair value as at the balance sheet. The charity's investments are held in unil tNsts 8nd the fair value for these inve5trnents is equNalent to the market value, using the bid price. All gains and bsses are tsken to the Statement of Financjal Activities as they arise. Realised gains and losses on investments are calculated as the drference beeen sales prweeds and their opening carrying value or their pur¢h3se value if acquired subsequent to the first day of the fin8n¢o1 year Unrealised gains and losses are calculated as the difference beeen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losse5 are combine(l in the Statement ol Financial AclivrtY&s. stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempl from Corporation tax on its charitsble acb"vilie$. Fund ¥¢¢ountlng The charity currentty hokls only general purpose unreslncted fvnds. Unrestricted fvnds can be used in ac¢ordan¢g with the charitable objectives al the diScr.0n of the trustees The Trustees have designated funding foT the operdlion of the AGC Sergean15 Mess and thi$ is presented as a separate designated fund wrthin these accounts. Donated serlices and fo¢llrli¢8 Donated professional services and donated facilities are recognised as InMe when the charity has eontrol over the item, any conditions associated with the donated rtem have been met, the receipt of economic benefit from the use by the charity of the item is probab and th* economic benefit can be me8sured reliably. On receipt, donated professional services and donated facilth'e5 are wognised on the basis of Ihevalue of the gift to the charity which is the amount the charity would have been wi111ng lo pay to obtsin services or facilrties of equivalent economic benefit on the open market,. a corresponding amunt is then recognised in expenditu in the period of receipt. Page 17 ¢onlinued..
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - continu•d FOR THE YEAR ENDED 31 DECEMBER 2021 DONATIONS AND LEGACIES 2021 2020 Regital subscriptn$ t)onats)ns Sergeants Mess Subscriptions Grants t)onated Serv and facilrties 858,075 1,901 30,617 50.000 632,138 2.995 24,967 24.593 57.667 742.360 The Charty has a cbse workn'ng relationship with the Arrny and receives donated sgrvi¢es from Army Fe150nnel who manage ts operations. The estimated valLte of these services lo the charity has recojnised in these financial statements. The Chanty is also provid8(1 with office faalitS within the Worthy Diywn Amy Camp al no cost. No income is induded in these financol statements forlhesg donatsd faule8 as it is not possible lo relrab Measu the value of these gffts. The AGC Assouation re1Ve a grant from the Amiy Sports Lottory Board of £S0,00012020 £3.CqJOI. INVESThIENT INCOME 2021 2020 Dividends receNed Deposil xcount interest 186,211 24 182,042 537 182 579 INCOME FROM CHARtfA8LE ACTMTIES 2021 2020 Holiday Home Sale of Soldiets Accoutrements FosteriThJ Esprit de COTPS Fostering Esprit de cOS 34,550 17,950 20 389 Page 18 continue¢J...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2021 RAISING FUNDS Inve¥tment m•nag•m•nt Costs 2021 2020 Investment advice 935 935 CHARrrA8LE ACTMTIES COSTS Grant fijnding of activits'es (see note 81 Dire Costs (see note 71 Support costs (see note 9) Totals Fostering Esprit de Corps Benevolence & Weware Maintaining Contact S Tr8¢yOn$ Sports 128.867 10.625 33.808 121,386 105,747 14,651 14,654 14.851 14.648 264.904 131.026 48.459 169524 183,925 58.804 613913 DIRECT COSTS OF CHARITABLE ACTNMES 2021 2020 Staff costs Other charrtable activrties Field of Remembrance Funeral Tributes Presentations Soldiers ACUtreTr*nts National MenNJrial Arboretum AGC Journal Triple Crown Events & Recruiting cerSeaS Events costs Holiday Home AGC Oinner Nights Sergeants Mess Depreciation 42.500 220 520 3,004 12.684 21,407 4.507 14,932 42,500 328 1,30 2,874 1,446 72,981 14,053 10,014 7,275 2,199 30,4C6 6,611 29,335 26 878 12,093 153 24,073 213 20,741 26.878 183925 247 030 Page 19 continued...
THE ADJUTAKf GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANcL STATEMENTS- continu•d FOR THE YEAR ENDED 31 DECEMBER 2021 GRAKfs PAYABLE 2021 2020 Fostering Esprit de Corps Benevolence & Wemare Sports 121.386 105,747 65.050 70,432 103 189 238,671 The total grants paid to institutions during the year was as foll¢yws.' 2021 2020 AGC Museum Trnst RMP Museum Amiy Benevolent Fund 19,500 12.000 37.5C SUPPORT COSTS Governare costs Other Totsls Fostoring Esprit de Corps Benevolence & Weffaie Maintaining Contact & TradOnS SFQrts 13.564 13,568 13.565 1,087 1,086 1,086 14,651 14,6S4 14,651 Support costs, induded in the above. are as folbws.. Other F¢)slering Espnt de Corps Maintaining Benevolen Contact & & Wetfare Tradithins Regirrefttsl Clerk RegirrEntsl Finance manager Recruitment costs Insurance Telephone Postage and stationery Computer and solh¥are costs Office Costs SubscriptKsns Travel Costs Depreciabon of tsngible fixed assets VIP Hosb"ng Premi5e5 expenses Heritage costs Change in Cypher costs AnnNersary coins PR Lrterature 3.791 2,139 137 1181 836 562 403 3.792 2,139 137 1181 836 561 404 859 3,792 2,139 137 1181 035 561 859 952 81 424 93 229 2.932 137 953 82 424 93 229 2,933 138 953 82 423 93 230 2,933 137 Page 20 continued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continu•d FOR THE YEAR ENDED 31 DECEMBER 2021 SUPPORT COSTS - contlnued Other- continued 2021 Totsl activth'es 2020 Totsl activrties Sports Regimental Clerk Regimental Finance manager Recruthenl Sts Insurance Telephone Postage and stslionery Website costs Cornputer and sOare costs Office Costs Subscriptv)ns Travel Costs DeprerAab'on of tangible fixed assels Loss on disposal of assets P Hosting Premises Expenses Heritage costs Change in Cypher costs Annsversary Coins 2.423 23.056 3,792 2138 15.167 8,555 547 1711 3,342 738 1171 835 527 561 403 859 2,245 1.614 3,437 22 3.811 105 3.075 4,034 3.075 5.387 7,889 953 82 423 92 229 2,933 327 1,694 371 917 11,731 PR Lrteratur8 138 550 Gov•rnanc• costs Fostering Esprit de Corps Maintaining Contsct & TTaditKJns Benevolence & Welfare Auditors. remuneration Audrtors, remuner81ion for non audrt work Acwintsnry and legal fees 750 750 750 337 336 1.086 2021 Total actsvities 2020 Totsl acbvities Sp)rts AudTtors remuneralioft Auditors. remuneration for non-audit work Accountan¢y and legal fees 750 3,000 3.000 1.800 336 1.345 Page 21 continu&J...
THE ADJUTANT GENERAL% CORPS ASSOCIATION NOTES TO THE FINANcL STATEMENTS - contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2021 10. NET INCOMEIIEXPENDThURE} Net irthmellexrénditurel is stated after Chargi(¢eIti"n9)". 2021 2020 Auditorn. remuneratB)n Other non-audit services Depr8¢iats'on . owned assets Defi¢il on disposal of fixed assets 3,000 1,800 32.266 30,689 11. TRUSTEES. REIAUNERATION AND BENEFITS There were no trustees, remuner8b.on or other beneffts for the year end&J 31 Deeemter 2021 nor for th& year endgd 31 Decembei 2020. Trust•M' •xp•n•• The We no trustees, expenses pa for the year ended 31 Decemb8r 2021 nor for the year ended 31 December 2020. 12. STAFF COSTS The chèrity has ho employoes and provides no empknyee benefiis. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcmvmES fund8 INCOME AND ENDOWMENTS FROM Donations and legacies 742,380 Charliabl• aetlvltl Fostering Esprit de Corps Investment inco Totsl 945.328 EXPENDITURE ON Rai&'ng fiJnd$ 935 Charltabl• actlvbtl•8 Fostering Esprit de Corps Benevolen¢e & Welfa Maintaining Contact & Tradon$ Sports 277,156 95.395 42,346 128,150 Total 543,982 Net gains on invests))ts INCOME 609.920 Page 22 continued...
THE ADJLrrANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES - contlnued Unrestri¢ts funds RECONCILIATION OF FUNDS Totsl lund¥ brought fonward 6.687,756 TOTAL FUNDS CARRIED FORWARD 7 297 676 1& TANGIBLE FIXED ASSETS Fixtures and fittsngs COST At 1 January 2021 Additions Disposals 638.862 50,378 At 31 Decernr 2021 DEPREcoN At 1 January 2021 Charge for year Eliminated on disposal 128,647 30.689 At 310ecember 2021 NET BOOK VALUE At 31 December 2021 At 31 Dember 2020 510215 15. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 January 2021 Additions Revaluab'ons 6,155.058 176,687 696 577 At 31 December 2021 7 028 322 NET 800K VALUE At 31 December 2021 7 028,322 At 31 December 2020 6 155058 The were no investment assets OLrtside the UK. Investments cons¢5t solely of inveslmeftts hel¢J in unil trusts or other collective investllEnt scherrEs. Page 23 ontinued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- contlnu•d FOR THE YEAR ENDED 31 DECEMBER 2021 STOCKS 2021 2020 Stocks 17. DEBTORS: AhlOUNTS FALLING DUE I•1N ONE YEAR 2021 2020 Prepayments and accrued inc4) 408 379 18. CASH AT BANK AND IN HAND 2021 Total fun¢J$ 2020 Totsl funds General fttnd Sergeants. Mess Cash in hand Bank ¢urrent account Bank deposrt aUnt 201,354 53,237 254.591 322,978 Total Cash al bank and in hand is a finarrial asset Thasured at arrth'sed cost 19. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2021 2020 Accrnals and deferred incoff Deferred inMe. included in the above, rek91es to suOs¢ripb'on$ collected by Ihe AGC As6.8.0n on behaw ofthe AGC HQ Officers Mess, were pa*J over after the year-end.. 2021 Al 1 January 2021 Collected on behalf of Ihe Mess Paid over to the Me$s Al 31 December 2021 11,313 69,589 181 MOVEMENT IN FUNDS Net Irement in funds Ttsnsfe At1.121 funds 31.12.21 Unrn•trl¢t•d funds General fvnd Sergeants. Mess 7,254,315 1,092,629 9876 8,346,944 TOTAL FUNDS 7 297 676 1 102505 8400 181 Page 24 fp)nts"nued...
THE ADJUTATr GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontinu•d FOR THE YEAR ENDED 31 DECEMBER 2020 IIOVEMENT IN FUNDS - ¢ontinued Nel movement in funds, included in the above are as follows.. Incoming resources Resource5 expended Gains and k)sses Movement in funds Unmtrletsd funds Gener81 ftjnd Sergeants. Mess 991,146 30,617 1595,0931 20.7411 696,576 1,092,629 TOTAL FUNDS 1.021.763 615.8341 696.576 1 102,505 The Sergeants, Mess fvn¢J is a designated fund which tra¢ks In1 and expendrture in relation to the AGC HQ Warrant Officers, and Sergeants, Mes5. Comparatives for nK>vement in funds Nel rwvemenl in fvnds Transfers behveen ftjnds A11.1.20 31.12.20 Unrnstrict•d funds General ftjnd Sergeants. Mess 6.640.027 47,729 614,288 4.3681 7.254,315 43.361 TOTAL FUNDS 609 920 7 297 676 Comparabve net rrKJvement in funds, included in the above are as folluw5.' Incorning resources Resources expended Gains and Movement losses in fvnds Unmtrictsd fvnd• General fvnd Sergeants. Mess 920,361 1514,6471 29 335) 208,574 614.288 TOTAL FUNDS 208 574 Page 25 ontinued...
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021 21. RELATED PARTY DISCLOSURES ilsl the charty has a dose working r8labonship wth the Army, there are no transactions wth the Amy whh requi disdosure under SORP FRS102. The onty transa¢bons made in favour ofthe Mess are wholly attn"butsble lo the charitable act"eS of fvrthering military efficiency. The Chairman, who ts as Managing Trustee. is a serving officer and lulfibs the role as Trustee in accordance wrth the applb laws and r¢gulation8. Dunng thg year ended 31 Decemtr•r 2021 the charity paid grants totalling £19,50012020'. £37,5CIJI to the AGC Museum Trust and made contributions of £Nil12020 £6.8111 to events org8nised by AGC HQ Officers Mess. The Adiutsnl Genoral's Corps Associab"on. the AGC HQ Officers Mess and the AGC Museum Trust have soff trustees in comnv and all of these charities share the object of promotin9 the effic*ncy of the Adjutant General's Corps. Page 26
THE ADJUTANT GENERALE CORPS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 INCOME AND ENDOWMENTS rk)natlons and legacies Regimental Subscnptr)n$ DonatK)ns Sergeants Mess Subscriptions Grants Donated servus and fa¢ilitie$ 656.075 1,901 30.617 50,000 632,138 2,995 24,967 24,593 798.260 742,360 InY•stm•nt In¢om• DNidend5 recerved Deposit account irrteresl 186.211 24 182,042 537 186,235 182,579 Charitsbl• a¢tlvltl•8 Holiday Home Sale of Sohliers Accoutrements 34,550 17,950 Total incoming reBourc EXPENDrruRE Investment management Investment advice 1.921 935 Charitabl? activiti•¥ Donated seTvices Other chantsble activ"eS Field of Remembrance Funeral Tributes Present'ons Soldiers Accoutrements Spcrts Excellence Awards National Memorial Athlretum AGC Joumal Triple Crown Adventure Training Events & Recrurting [eTrea$ Events costs Carried forward 42,500 220 520 3.004 12.684 21.407 42,500 328 130 2,874 1,446 72,981 4.507 14,932 14.053 10,014 12,093 153 112.020 7,275 153,800 This page does not fonn part of the statutory firncial statements Page 27
THE ADJUTANT GENERAL'S CORPS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTivinES FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Ch•rhbl• cdvltl•s Brought fo81 Holiday Home AGC Dinner Nights Sergeants Mess Fixtures and fittings Grants to in5tituts.ons Grants to individuals 112,020 24,073 213 20,741 26,878 86,500 153,800 30,4C6 6.611 29.335 26,87B 62,5(lJ 176 171 Support co•ts Oth•r RegirrEntal Clerk Regimental Finan manager Insurancg Tèlephone Postage and statnery Website costs Computer and Sthare costs off Costs Subscriptions Travel Costs Recruitment Costs VIP Hostsng Premises exFenses Heritage costs Change of Cypher costs Ann¢[sary 1n$ PR Lrteralu Fiyture5 and fith.ngs Loss on disposal ol assets 2,423 23,056 738 15.167 547 1711 3,342 527 2.245 1.814 3437 22 8.555 327 1.694 371 917 11,731 550 3,811 105 3,075 4,034 3,075 5,387 54,259 50,309 Gov•rn•n¢• ¢ts Auditors, remunerab.on Auditors, mUnera'0n for non audit work Accountsncy and al fees 3,000 3,0 1,800 Total r8sourc8s expended 615834 N•t In¢om• 405 929 This page does.not fom part ofthe stslutory financial ststements Page 28