REGISTERED CHARITY NUMBER: 1185298 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 FOR THE ADJUTANT GENERAL'S CORPS ASSOCIATION Rothmans Audit LLP Chartered Accountants & Statutory Auditors Avebury House St Peter Street Winchester Hampshire S023 8BN
THE ADJUTANT GENERAL'S CORPS ASSOCIATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 Page Report of th8 Trustegs Report of the Independent Auditors 8 to 11 Statement of Flnancial A¢tivlties 12 Balance Shoot 13 Cash Flow Statement 14 Notes to the Cash Flow Statoment 15 Notes to the Financlal Statements 16 10 25 Detailed Statemont of Financial Activities 26 to 27
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 The trustees present their report with the financial statements of the charity for the peTtod ended 31 March 2023. The Iruslees have adopted the provisions of Accounting and Reporting by Charrties.. Statement of Recommended Pracb'ce applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) leffective 1 January 20191 REFERENCE AND ADMINISTRATIVE DETAILS The official name of the Charity is The Adjulant General's Corps Association. Reglstered Charity Number.. 1185298. Princlpal Offlce Headquarters Adjutant General's Corps The Gloucester Building Worthy Down Winchester S0212RG Telephone.. Website.. Email.. 0300 1533 486 www.agcassocialion.co.uk corpshq@oullook.com Truste&s and Officgrs of the Charfty The Trustees of the Charity are.. Colonel Victoria Vvhiling ADC (from 4 June 20211 Lieutenant Colonel Paula Nicholas (from 13 September 2019 to 6 April 20221 Lieutenant Colon81 John Alecock (from 29 April 2022 10 30 September 20231 Warrant Officer Class 1 (Corps Sergeant Majorl Andrew Heron Ifrom 21 July 2020 10 S April 20221 Warrant Officer Class 1 (Corps Sergeant Majorl Wayne Healhcole Ifrom 6 April 20221 Colonel Scott Martin Vardy (from 1 October 2020 10 14 July 20231 Colonel Scott Meredith (Deceased) (from 13 July 2021 to 6 April 2022) Colonel Douglas Hutchinson lfrom 6 April 2022) Lieutenant Colonel Helen Bowman (from 4 October 20211 Colonel Matthew Ketterer (from 13 July 202110 5 October 20221 Colonel Craig Terblanche (from 5 October 20221 Col (Retired) Karen Graham resigned as Trustee on 5 October 2022. The Executive Officer conducting the day-to-day operations of the Charity is.. Lieutenant Colonel IRets'red) Michael John Robert Cotton MBE (Corps Secretary} Page 1
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Rothmans Audit LLP Avebury House 6 Sl Peter Street Winchester S023 8BN Bankers Royal Bank of Scotland Holt's Military Banking 200 Fowler Avenue Fowler Business Park Farnborough GU14 7JP 6. Independent Advlsor Brigadier (Retired) Noel Muddiman CBE 8 Wldwood Close Old Harlow Essex CM17 OJD 7. Logal Advisors Blake Morgan LLP New Kings Court Tollgate Chandlels Ford Eastleigh S053 3LG STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Objects of the Charity are laid down in the Constitution Document. The Principal Objects are to promote the efficiency of the Corps by maintaining contscl beeen the present and past members of the Adjutant General's Corps and the former constiluenl corps and to foster esprit de corps, comradeship, welfare of the Adjulanl General's Corps and to preserve its traditions. The Association exists to support the present and past members of the Adjutant General's Corps and their dependants, who are in genuine n8ed, suffering hardship or distress. Trustees There May be up lo eight Appointed Trustees and four Nominated Trustees. Each of the four Branches of the Corps may propose a person who act as a Nominated Trustee in accordance with the Constitution Document. All Trustees attend Trustees Training, and a training record is kepl. 10. Organlsational Structure Day to day management of the Association is delegated to the Assistant Corps Secretary who consults with the Corps Secretary and the Colonel AGC when required. These personnel are employed by the Army and donate their services to the charity. 11 Benevolence The Trustees have delegated the management of benevolence lo the Benevolence Committee who are empowefed to approve grants for benevolence cases to a rnaximum of £3,000 for any one case. During the period, additional funding for bonevolence was provided from other Associations, The Royal British Legion, ABF The Soldier's Charity and other Charitable Organisalions. 12. Risk Management The major risks to which the Charity is exposed, as idents'fied by the Trustees, have been reviewed and systems have been established lo manage those risks. The key risks identified by the Trustees include the following.. Finance.. Risk that Statutory Accounts are not prepared appropriately and filed on 8 timely basis. Risk mitigated. as Association has appointed a qualified Chartered Accountant as the Finance Manager. Risk that there is insufficient income lo cover ¢o$ts and benevolent payments. Risk mitigated as Trustees have implemented rigorous controls over future spending. Human Resour8. Risk that there is a loss of experience, corporate knowledge and skills, due to gapping and service efficiencies. Risk mitigated through training and redistribution of responsibilities. Page 2
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 13. Public Benefit The Trustees have paid due regard lo the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. The fund provides public benefit by assisting service personnel of the Adjutant General's Corps to perform their roles more effectively within the British Amy. It does this by providing support for benevolence, welfare, sports, and recreational activities. This assistance enables Servi personnel to face the challenges and dangers associated with military service by developing and maintaining teamwork, fitness, character, spirit, and morale. By supporting both the serving and the retired communities, il embraces esprit de corps by promoting the concept of'support for life,. As a result, the Adjutant General's Corps Association promotes the efficiency of the Armed Forces of the Crown by enhancing the British Army's capability lo undertake the roles demanded of it, includng the defence of the United Kingdom and ils interests. ilst the charity predominantly supports the Service and Ex-service communty it also has 8 responsibility to support the wider ¢ommunily. This is achieved through heritage activity, including the museums which are public facing and free of Charge, and events to which the wider public are invited. In 2022, the charity supported a parade lo celebrate the Freedom of Winchester and a carol service al Vmnchester cathedral to which the public were invited free of charge. These activities provide closer ties with society in general. OBJECTIVES AND ACTIVITIES 14. Objects of the Associatlon The objects of the Association are lo prornole the efficiency of the Adjutant General's Corps (AGCI in such ways as the Trustees shall think fil in particular but not exclusively by.. Maintaining contact between the members of the AGC andlor the fomer conslrtuent Corps. Fostering esprit de corps. The protection and advancement of the heritsge and ethos of the AGC. The relief of members and former members of the AGC andlor members of the former conslituenl Corps, in the event the former constituent Corps, benevolent funds fail and their dependants, who are in need by reason of their youth, age, infirmity or disability, financial hardship or social ¢ircumslances. 15. Powers of Ihe Association The CIO has the power lo do anything that is calculated to further ils Objects or is Conducive or incidental to doing so. In particular, the CIO has the power to.. Take all necessary action for publicising and disseminating informats'on, including but nol limited to, the histories. deeds and traditions of the CIO and the AGC. Borrow money and to charge the whole or any part of its property as security for the repayment of the money borrowed. The CIO must comply as appropriate with sections 124 and 125 of the Charities Act 2011, if it wishes to mortgage the land. Buy, take on lease or in exchange, hire or othetwise 8¢quire any propety, maintain and equip il for use. Sell, lease or otherwise dispose of all or any part of the propety belonging to the CIO. In exercising this power, the CIO musl comply as appropriate with sections 117 and 119 to 123 of the Charities Act 2011. Employ and remuner*le such staff as are necessary for carrying out the work of the CIO. The CIO may employ or remunerate a Trustee only lo the extent that Il is permitted lo do so by clause 6 and provided il complies with the conditions of that clause. Deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other propety of the CIO to be held in the name of a nominee. This is carried out in the same manner and subject lo the same conditions as the trustees of a trust are permilled to do by the Trustee Act 2000 and do anything else within the law that promotes or helps to promote the Objects. Page 3
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 16. Objective$ For the Perlod The main obje¢lives for the period were.. To respond quickly and compassionately to requests for benevolence assistance. To provide support for serving personnel who are injured or are suffering with poor health, by way of financial assistance where needed or appropriate. To provide support to the next of kin and family of those serving and ex-serving who had suffered a bereavement. To provide for social gatherings for serving and retired members in order lo foster comradeship and esprit de corps. To increase the level of subscribers lo the Association. To produce a high-quality Corps Magazine {AGC Journal). To enhance the quality and types of Corps Sport, encouraging the widest participation, particularly by the more junior officers and soldiers. ACHIEVEMENT AND PERFORMANCE 17. All the main objectives lor the period were achieved. 18. The accounts ¢over a 15-monlh period from 1 January 2022 10 31 March 2023. The Trustees decided that there were benefits in realigning the reporting year with that of the Army and external organisalions such as the Army Benevolent Fund. For this reason, within this extended reporting period a number of disbursements made on an annual basis were made lee. 19. The Benevolence Committee provided financial assistance lo those who were in genuine need or suffering hardship. This included assistance with priority debts, rent and council lax arrears, rent advance, purchase of essential household items, travel costs, purchase of items for children and grants for general needs. The Number of beneficiaries of benevolence grants was 281 members and the total amount granted from the Association was £185,933. This is 8 significant increase on the 92 rnembers and £50,747 during the previous 12-monlh period. The reasons for this increase include rising prices due lo inflation, the Cost-of-living crisis, and also a deliberate intent on behalf of the Trustees lo widen the scope of those eligible and lo be more generous. 20. The Trustees extend their thanks to The Royal British Legion, other Associations and A8F The Soldier's Charity for their generosity over the past year lo the members of the Association who have required assistance. The Association donated £40,000 in 2022 and £40,000 in January 2023 to the Army Benevolent Fund. Reflected in the s¢heduSes below is the figure for £40,000 in January 2022 and £10,000 for the first quarter of the following year. 21. The Association provided support for social gatherings lo foster comradeship and esprit de eorps. The Association expended £65,310 on fraternal grants throughout the period. 22. The Association expended £413k on sporting activities throughout the period. The Trustees extend their thanks lo the Army Sports Control Board for the grant of £50,000 towards sports costs. 23. The Association introduced a new Continuous Professional and Personal Development fvjnding pathway to complement and enhance funding available from public funds. During the period from May 2022 onwards the fund provided 5 individual serving members contributions towards their courses and funded external speakers for 3 mass CPD events tolallin9 £16,872. Take up is increasing gradually as members become aware of the scheme. Page 4
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 24. The AGC Holiday Homes are 1 slalic caovan and 2 lodges split between Devon and the Lake District that are available to AGC serving personnel & veterans lo book at a heavily subsidised rate. Several weeks of the year they are given over lo welfarelcompassionate cases at zero cost lo the beneficiary. The cash loss for the period was £5,807 and after depreciation of £33,598 there is a total loss of £39,405. As the holiday homes contribute towards welfare provision the Trustees are content to accept that they are non-prorrt making. In 2023, there will be a full review of the Holiday Homes including an up-to-date valuation. 25. The Association awarded a grant of £28,00012021 £19,500) lo the AGC museum and a grant of £14,000 {2021 £12.0001 lo the RMP Museum. The Museums are open lo all serving personnel, veterans and the general public free of charge. 26. The annual commemoration seThice at the AGC plot al the National Memorial Arboretum was held on 61h July 2022. The formal opening of the Field of Remembrance al Weslminsler Abbey in November 2021 was carried out but with reduced attendance dije lo construction work al the Abbey. 27. The Adjutant General's Corps celebrated the 30tTh anniversary of its formation in 2022. The Association funded a number of events throughout the year including an all-ranks dinner night in April, a families, festival in July, a Freedom of Winchester parade in October and a Carol service in Winchester Cathedr81 in December. 2022 also marked the 100th anniversary of the Royal Military Police. The Association contributed to the funding of Provost Day held at Southwick Park in July 2022. 28. With regret three adventure training packages, and a celebmtion of the 100-year anniversary of the Educational and Training Services Bonch at Ellham Palace, had to be cancelled due lo the death of our Colonel in Chief, Her Majesty the Queen, in September 2022 and the associated mouming period. 29. The Trustees agreed lo purchase a boat in order for a team from the Educational and TRining Services Branch lo compete in the World's Toughest Row Transatlantic Challenge in 2024. Once the event is completed the boat will either be sold or used for 2nother team in the Corps. 30. The work of the Association and the benefits provided are briefed to all new officers and soldiers, encouraging them lo join. We are pleased lo report that almost 100 % of new enlranls join the One Day's Pay Scheme and subscribe lo the Association. 31. The Adjutant General's Corps Association (Charitable Incorporated Organisalion ICIOI registered charity number 11852981 was formed on the 131h of Seplernber 2019 from the Adjulanl General's Corps Regimental Association and the Adjulanl General's Corps Inslitulion. Our legal advisers have carried out the merge with the Charities Cornmission and the two former charities have been removed from the Charity Commission register. FINANCIAL REVIEW 32. Flnan¢ial Strategy Formed in 1992, the AGC is a 'young' Corps, which means that the number of veterans applying for benevolence grants is comparatively low but will build over lime. In addition, there is an expectation that when antecedent Corps Associations cease lo exist, the responsibility for their veterans will pass to the AGC. Therefore the AGC Association balances the demands of the current population il serves, with the requirement lo plan for the future benevolent needs of its veterans. In broad terms the Trustees seek to disburse grants lo a level such that expenditure does not exceed income from the Service Day's Pay Giving Scheme, allowing the income from investments lo be reinvested thereby growing the amount available for ftjture benevolen¢e demands. 33. Principal Funding Sources Subscriptions from serving and Volunteer Reserve members of the Day's Pay Scheme were credited to the Association Fund. Subscriptions from rank range Sergeant lo Warrant offi.[ Class 1 were collected al 1200 of one day's pay. The additional 200/0 was retained in the fund for exclusive use of the Corps Sergeants Mess. Subscriptions from officers were collected al 150'/0 of one day's pay. The additional so' was transferred to the He8dquarters Officers, Mess Account. Subscriptions received from retired members along with gift aid receipts were credited lo the Association Fund. Page S
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 34. Investments On the formation of the Association, the Trustees recognised the need to establish long-term fi'nancial reserves and therefore they continue to maintain an investment portfolio on behalf of the Association. The investment policy is lo increase the value of the fund using a total return strategy, in order to provide a reserve for the future benevolence needs of the growing membership of the Association and their dependants. As al 31 March 2023, the fund's total assets are £7.3m. of which £6.2m is held in inveslmenls. Due to world events and a corresponding downturn in world markets the value of our investments fell by £852,046. It is invested in the Armed Forces Common Investment Fund IAFCIFI, the CCLA Property Fund, The Charities Property Fund. and the Charity Equity Fund. In March 2023, due to the impending retirement of the current independent consultant, the Trustees decided that there was insufficient financial expertise available in-house and that it would be prudent going forward to appoint an investment manager. After approaching 3 investment houses, they appointed CCLA as investment manager. The transfer of the investments from Blackrock to CCLA was completed in August 2023. The previous financial consultant retired on 31 Mar 2023. 35. Reserves In common with charities, the AGC Association holds free reserve5 to ensure that services can continue during a period of unforeseen reduTrd income or increased expenditure. Our reserves policy is sel with reference to the financial risks facing the charity and amounts lo 6 months income from the Service Day's Pay Scheme. approx. £325K. To this end in August 2023 £500k was held in a deposit aecount with CCLA. Our reserves also mitigate against fluctuations in the value of our investments, so that we would not need lo sell our investments at a lime when it is not financially advantageous to do so. 36. Fundraising The charity does not fundraise externally and does not therefore subscribe to any schemes or standards for fundraising regulation. There have been no complaints about fundraising activities in the period. FUTURE DEVELOPMENTS 37. Throughout 2022 and into 2023, the Association experienced the effects of the rise in inflation, cost of living ¢risis and levels of activity grow to pre-pandemic levels coupled with instability in the financial sector. It Is expected that this period of uncertainty will continue throughout the 202312024 financial year. While Trustees accepted that 2022 would see considerable excess of expenditure over income due to the anniversary projects, their intent is to align income and expenditure much more closely moving forward In order lo counteract the surge in benevolence expenditure. fmternal and sporting activities will be subject lo more stringent controls to maintain the level of activty whilst ensuring value for money. In addition, following a canvas of the membership the cost of producing the AGC Journal has been reduced by printing less hard copies and increasing acces5 to a quality electronic Copy which is now the preferred option for many. 38. An Actuarial Review was conducted by Management Accountancy Services IAmiyl.11 reported in April 2022 and recommended that the AGC Trustees maintain the Current Investments and Reserves policy within the 40- year projection included in their report. The aim of the review is to ascertain the predicted c0510l benevolence tsking into account inflation and the anticipated rise in potential beneficiaries. The AGC Association Board of Trustees mel in April 2022 to discuss whether current reserves are sufficient lo meet the future need. The Trustees voted lo keep the amount of fund$ ringfenced for benevolence at the previously agreed rate of £5m +1'/o+inflation. 39. In 2021 the AGC Council voted in a new Gypher to replace the exisb'ng cap badge, and approved changes to some cap badge accoulremenls. The new ¢ypher went live in Apr 22 on the dale of the anniversary. It was anlieipaled that this would incur significant ovtlay as regimental accoutrements Icap badge Tactical Recognition Flashes, badges, bells elc) were replaced, all branding refreshed, and sports teams purchased new clothing etc. This activity is now on hold following the coronation of HRH King Charles as all cap badges and cyphers are updated to reflect his choice of the Tudor crown and the replacement of EIIR by CIIIR on some items. This process is expected lo happen gradually over the next 2 years to keep pace with the availability of publicly funded items. FUNOS HELD AS CUSTODIAN FOR OTHERS 40. The Adjul8nt General's Corps Association does not hold any assets on behalf of other charities. Page 6
THE ADJUTANT GENERAL'S CORPS ASSOCIATION REPORT OF THE TRUSTEES FOR THE PERIOD ENDED 31 MARCH 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES- Continued The trustees are responsible for preparing the Report of the Trustees and the financial slalements in accordance with appli¢able law and United Kingdom Accounting S12ndards (United Kingdom Generally Accepted Accounting Pra¢ti¢el. The law applicable lo charities in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slatè of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing those financial statements. the Iruslees are reqLJired lo select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charity SORP", make judgements and eslimales that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls", prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any time the financial position of the charity and lo enable them to ensure that the financial statements 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 Gharity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the mainlenanee and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of lin8nci21 statements may differ from lfjgislation in otherjurisdiclions. In so far a$ the trustees are aware.. there is no relevant audit information of which the Charity's auditors are unaware., and the trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Rolhmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. ON BEHALF OF THE BOARD.. Colonel Victoria Vvhiting A Warrant Officer Class 1 (Corps Sergeant Majorl Wayne Heathcole Date-. Oale.. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION Opinion Vve have audited the fi'nancial statements ofThe Adjutant General's Corps Association Ithe'charity,) for the period ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial slalements, inc1udin9 8 summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccoL¢nting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources. including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinlon We conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAS {UK}l and applicable1aw. Our resF)on8ibililies under those standards afft further described in the Auditors, responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng con¢ern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation ol the financial statements is appropriate. Based on the work we have performed, we have not idenlifiod any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least Ie1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities ol the trustees with respect to going concern are described in the relevant secbons of this report. other Information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financial staternenls does not cover the other information and, except to the extent olhewise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misstatement in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not idenlrfied material misstatements in the trustees, report. We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you If, in our opinion.. the infomalion given in the Report of the Trustees is inconsislenl in any material respect with the financial slalemenls", or Sufficient accounting records have not been kept,. or the financial statements are not in agreement with Ihe accounts'ng ordS.. or we have not received all the information and explanations we quire for our audit. R•sponslbilitles of trustees As explained more fully in the Statement of Trustee$, Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees delermir¢e is necessary to enable the PTepafation of financial statements that are flee from material misstatement. whether due to fraud or error. In preparing the financial stslemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounling unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic atternalNe bul to do so. Our responsibilitles for the audit of the finan¢ial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objeckn'ves are to obtain ffasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS detect a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these fi'nancial statements. Irregularities, including fraud, are instance$ of non-cDmplian¢e with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delecl material misstatements in respect of irregularities, including fraud. The extent to whiGh our prOdureS are capable of detecting irregularities, including fraud is detailed below.. The oxtent to whlch tht audlt was consid¢red capable of dgtocting irregularities includlng fratsd Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-complianGe with laws and regulations, was as follows.. the engagement partner 8nsured that the engagement team collectively had the appropriate cornpeten, capabilities and skills to identify or recognise non<0mplian with applicable laws and regulations.. we identified the laws and regulations applicable lo the charity through discussions with the Iruslees and other management, and from our knowledge and experience of the charities sector.. we focused on specific laws and regulation$ which we considered may have a direct material effect on the rinancial statements or the operations of the charity, including the Charities Act 2011. we a$$essed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team rtmained alert to instanc85 of non-compliance throughout the audit. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION We assessed the susceptibility of the Charity's financial slalements lo matertal misststement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceplibilty lo fraud, their knowledge of actual, suspected and alleged fraud,. and ¢onsidering the internal controls in place to mitigate risks of fraud and non-cornpliance wilh18ws and regulations. To address the risk of fraud through management bias and override of controls, We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be within the recognition of income and the override of controls by management. To address the risk of fraud in these areas, we.. selected a sample of transactions from material income streams and compared expected income to that recorded within the financial statements. performed analytical procedures to identify any unusual or unexpected relationships.. lesled journal entries during the year and at the year-end to identify unusual transactions,. assessed whelherjudgements and assumptions made in determining the accounting estimates were indicative of potential bias., investigated the rationale behind signfficanl or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited lo. agreeing financial statement disclosures lo underlying supporting documentation., reading the minutes of meetings of those charged with governance; enquiring of management as lo actual and potential liligalion and claims., reviewing correspondence with relevant regulators and the charity's legal advisors, and reviewed legal and professional expenditure incurred in the year. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from finan¢ial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. TrAalerial misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate cOnalm9nt or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website atwww.frc.0rg.uklaudilorsSponSlb1lltles. This description forms part ofour Report of the Independent Auditors. Page 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION Uso of our report This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's Iruslees those matters we are required lo stale to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Rothmans Audit LLP Chartered Accountants & Stslulory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Avebury House St Peter Street Winchester Hampshire S023 8BN 30 January 2024 Date.. Page 11
THE ADJUTANT GENERAL'S CORPS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023 2023 2021 Unrestricted Unrestricted & total funds & total funds Notes INCOME AND ENDOWMENTS FROM Dtsnations and legacies 957,211 798.260 Charitable activities Fostering Esprit de Corps 30,997 37,268 Investment income 290,121 186235 Total 1,278.329 1.021.763 EXPENDITURE ON Raising funds 2,814 1,921 Charltable activitles Fostering Esprit de Corps Benevolence & Welfare Maintaining Contact & Traditions Sports 681,137 277,645 77,227 454,429 264,904 131,026 48,459 169,524 Total 1,493,252 615,834 Net {loss} gains on Investments 852 0461 696 576 NET {EXPENDITURE} INCOME 11.066,9691 1,102,505 RECONCILIATION OF FUNDS Total funds brought fOard 8,400 181 7 297 676 TOTAL FUNDS CARRIED FORWARD 7,333,212 8.400,181 The notes form part of these financial statements Page 12
THE ADJUTANT GENERAL'S CORPS ASSOCIATION BALANCE SHEET 31 MARCH 2023 2023 2021 Unrestricted Vnrestricted & total funds & total funds Notes FIXED ASSETS Tangible assets Investments 14 15 854,225 6 230 064 529,904 028 322 7,084,289 7.558,226 URRENT ASSETS Stocks Debtors Cash al bank and in hand 16 17 18 1,773 246,147 2,175 408.379 4s9 442 287,589 869,996 CREDITORS Amounts falling due within one year 19 NET CURRENT ASSETS 24 TOTAL ASSETS LESS CURRENT LIABILITIES 7333212 8400 181 NET AssErs FUNDS Unrestricted funds 20 7333212 400 181 TOTAL FUNDS The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. Colonel Victoria Infftiling AD Warrant Officer Class 1 (Corps Sergeant Majorl Wayne Heathcole The noles fomi part ofthese financial statements Page13
THE ADJUTANT GENERAL'S CORPS ASSOCIATION CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023 2023 2021 Notes Cash flovo from operating activities Cash generated from operations 158 0 309 77 Net cash provided byllused in) operating activities 158677 Cash flows from investing activitie$ Purchase of tangible fixed assets Purchase of fixed asset investments Sale of fixed asset investments Inte$1 received 1369,748) 150,3781 1276,493) 1176,6871 206,085 74 24 Net Cash (used in)Iprovided by investing activities 227 041 Change In cash and cash equivalents in the Teportlng perlod Cash and cash frqulvalents at the beginning ofthe reporting perlod 1419,7731 {68,3641 459 442 527 80 Cash and ca$h equivalents at the end ofthe reportlng period The notes form part oflhese financial statements Page 14
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD ENDED 31 MARCH 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2021 Net {expendlture) in¢ome for the reporting perfod (as per the Statement of Flnancial Activltlesl Adjustments for: Depreciation charges LossllGainl on investments Loss on disposal of investments Interest received DeGrease in stocks Ilncreaselldecrease in debtors (Decreasellincrease in creditors 11,066,969) 1.102,505 45,427 852,04 16,620 1741 402 162,232 30,689 {696,577) {241 4,168 {286, 1521 Net ¢ash provided byllused Inl operations ANALYSIS OF CHANGES IN NET FUNDS At 1.1.22 Al 31.03.23 Cash Flow Net cash Cash at bank and in hand 45 419 773 Totsl The notes form part ofthese financial statements Page 15
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2023 ACCOUNTING POLICIES Basis of prgparlng the financlal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffects've 1 January 20191., Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included al market value, as modified by the revaluation of certain assets. The financial statements are prepared in sterling which is the functional and presentational currency of the charity. The financial statements are rounded to the nearest pound. These financial statements have been prepared for the 15-month period from 1 January 2022 10 31 March 2023 in order lo align reporting with the financial year. The comparatives presented in these financial statements cover the 12-month period from 1 January 2021 to 31 Decembe¥ 2021 and are not entilY comparable. The charity was formed by the merger of the Adjutant General's Corps Regimental Association and the Adjutant General's Corps Institution on 19th September 2019. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concem and these accounts are prepared on a going concern basis. The most significant eslim8tes affecting these accounts are the èstimations of the useful lives of the fixed a$sets. There are no significant judgements which affect the amounts recognised in the financial ststements. With respect to the next reporting period, the most significant areas of uncertainly that affect the carrying value of assets held by the Charity are the level of investment return and the performance of investments. Income All income is recognised in the Statement of Financial Activities once the charity ha5 entitlement to the funds, it is probable that the income will be received. and the amount can be measured llabty. Expenditurg Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commilling the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accoL¢nled for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where co$ts cannot be directly attributed to particular headings, they have been a11o¢ated to activities on a basis consistent with the use of resources. Grants offered subje¢t to conditions which have not been mel at the year-end date are noted as a commitment but not 8rUed as expenditure. Governance costs Governance costs are the costs of professional advice, holding trustee meetings or committee meetings associated with decision making, any fee for audit or independent examination and any fee incurred in the preparation, statutory filing, printing or copying of the annual report and accounts. Allocation and apportionment of costs Support Costs include administrative and governance costs. Administrative Costs which relate to specifie activities are allocated to those acts'vities. General administrative costs are shared equally between the four activities of the charity as these utilise a similar level of resources over the course of any given year. Govemance costs are shared equally betsveen the four activities of the charity as these ulilise 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- continued FOR THE PERIOD ENDED 31 MARCH 2023 ACCOUNTING POLICIES- continued Tangible fixed assets Al assets having a purchase value ot more than £500 are capilalised. The cost of tangible fixed assets is wrillen off by equal annual inslalments over their expected uselul lives using the following methods of depreciation.. Furniture, fixtu$ and equipment - Slraighl Line over a period of 2 - 10 years Holiday Homes- Slraighl Line over a period of 20 years Assets with a life of more than one year but with a purchase value of below £500 are included within the inventory but the Gost is written off in the year it is incurred and is not depre¢ialed over the useful life of the asset. The charity holds some assets with a useful economic life in excess of 10 years and with high residual values. These ass81s are not depreciated on the basis that any such depreciation charge would be immaterial to these accounts. Investments Investments are a form of basic financial instrument and are initially recognised al their transaction value and subsequently measured at their fair value as al the balance sheet. The charity's investments are held in unil trusts and the fair value for these investments is equivalent to the market value, using the bid pri¢e. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beleen sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial 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 losses are combined in the Statement of Financial Activities. Stocks Stocks are valued at the lower of cost and net 811$able value, after making due allowance for obsolete and slow moving items. Taxatlon The charity is exempl from corporation lax on ils charitable activities. Fund accountlng The oharily currently holds only general purpose unrestricted funds. Unrestricted funds Can be used in accordance with the charitable objectives at the discrets'on of the trustees. The Trustees have designated funding for the operation of the AGC Sergeants Mess and this Is presented as a separate designated fund within these accounts. Donated servlces and facilitles Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be meaSUd reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the grft lo the charity which Is the amount the charity would have been willing to pay to obtain services or facilities of equivalent e¢onomic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of weipl. Page 17
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD ENDED 31 MARCH 2023 DONATIONS AND LEGACIES 2023 2021 Regimental Subscriptions Donations Sergeants Mess Subscriptions Grants Donated services and facilities 816,919 1.458 33.734 50,000 100 658,075 1,901 30,617 50,000 The Charity has a close working relationship with the Am)y and receives donated services from Army personnel who manage its operats'ons. The estimated value of these services lo the charity has been recognised in these financial slatemenls. The Charity is also provided with office facilities within the Worthy Down Army Camp at no cost. No income is included in these financial slalements for thèse donated facilities as il is not possible to reliably measure the value of these gifts. The AGC Association received a grant from the Army Sports Lottery Board of £50,00012021 £50,000). INVESTMENT INCOME 2023 2021 Dividends received Deposit a¢count interest 290,047 74 186,211 24 INCOME FROM CHARITABLE ACTIVITIES 2023 2021 Notes Holiday Home Sale of Soldiers A¢coulrements Fostering Esprit de Corps Fostering Esprit de Corps 28,650 34,550 RAISING FUNDS Investment management Gost8 2023 2021 Investment advice Page 18
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD ENDED 31 MARCH 2023 CHARITABLE ACTIVITIES COSTS Grant funding of Support Costs Direct Costs Activities (see Note 91 (see Note 71 (see Note 81 Totals Fostering Esprit de Corps Benevolence & Welfare Maintaining Contact & Traditions Sports 496,022 13,775 49,29Q 13,775 157,178 235,933 27,937 27,937 27,937 27,936 681,137 277,645 77,227 454,429 412,718 DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2021 Staff costs Continuous Professional & Personal Development ICPPDI Costs Field of Remembrnnce Funeral Tributes Presentations Soldiers Accoutrements AGC 30th Anniversary SPS Award Ceremony MPGS Anniversary Winchester Carol Service Freedom Parade of Vvlnchester Ellham Palace Event Provost 2022 Anniversary National Memorial Arboretum AGC Journal Triple Crown Events & Recruiting Overseas Events costs & Sundry Costs Holiday Home AGC Dinner Nights & Corps engagement Sergeants Mess Depreciation 55,100 16,872 584 3,230 8.162 110,295 80,568 2,534 3,080 7,328 8,890 6,000 65,717 15,563 1 S,068 35,002 44,354 370 34,457 2,700 22,390 33,598 42,500 520 3,004 12.684 21,407 4,507 14,932 12,093 373 24.073 213 20,741 26.878 Page19
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD ENDED 31 MARCH 2023 GRANTS PAYABLE 2023 2021 Fostering Esprit de Corps Benevolence & Welfare Sports 157,178 235,933 412 718 121,386 105,747 144 251 The total grants paid to inslilulions during the year was as follows.. 2023 2021 AGC Museum Trust RMP Museum Army Benevolent Fund 28,000 14,000 19,500 12,000 SUPPORT COSTS Governance Costs Other Totals Fostering Esprit de Corps Benevolen & Welfare Maintaining Contscl & Traditions Sports 27.131 27.131 27,131 806 806 806 807 27,937 27,937 27,937 Support costs, included in the above, are as follows.. Other Fostering Benevolence & Maintaining Esprit de Welfare Contact & Corps Traditions Sports 2023 Total Activities 2021 Total Activities Regimental Finance manager Insurance Telephone, intemel & website Postage and stationery Computer and software costs Office Costs Subscriptions Travel Costs Depreciation of tangible fixed asset Logs on disposal of investments VIP Hosting Premises expenses Heritage costs Change in Cypher costs Anniversary coins PR Literature 13,609 245 472 389 67 311 617 29 2,957 4,155 423 129 555 3,173 13,607 248 472 390 67 310 618 28 2,958 4,155 422 128 556 3,174 13,607 246 472 389 68 310 618 29 2.957 4,155 423 129 555 3,173 13,608 246 471 390 68 310 618 28 2,957 4,155 422 128 555 3,173 54,431 983 1,887 1,558 270 1.241 2.471 114 11,829 16,620 1,690 514 2,221 12,693 23,722 547 171) 3,342 2,245 1,614 3,437 22 3.811 327 1,694 371 917 11,731 550 Governancg costs Page 20
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR TrIE PERIOD ENDED 31 MARCH 2023 Fostering BenevolenTr Maintaining Sports Esprit de & Welfare Contact & Corps Tradrtions 2023 Total Activities 2021 Total Activities Auditors. remuneration Auditors, remuneration for non-audit work Accountancy and legal fees 750 750 750 750 3,000 3.000 56 56 57 225 1,345 10. NET INCOMEI{EXPENDITUREI Net inoomellexpendilurel is slated after chargingllcredib'ng}'. 2023 2021 Auditors, remuneration Other non-audit services Depre¢ialion - owned assets Deficit on disposal of fixed assets 3,000 3,000 45,427 30,689 11. TRUSTEE REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the period ended 31 March 2023 nor for the y8ar ended 31 December 2021. Trust8e$' exponses There were no trustees, expenses paid for the period ended 31 March 2023 nor for the year ended 31 December 2021. 12. STAFF COSTS In November 2022, for the first lime, the charity has taken on ils first employee in the role of Finance Manager due lo severe manning shortages in the publicly-funded workforce. No employee benefits are provided. Wages and salaries in 2023 were £15,000 and pension costs were £333. There were no costs in the previous year. Page21
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - tontlnued FOR THE PERIOD ENDED 31 MARCH 2023 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds INCOME AND ENDOWMENTS FROM Donations and legacies 798,260 Charitable activitles Fostering Esprit de Corps 37.268 Investment income 186235 Total 1,021,763 EXPENDITURE ON Raising funds 1.921 Charltable actlvitles Fostering Esprit de Corps Benevolence & Welfare Maintaining Contact & Traditions Sports 264,904 131,026 48,459 169 $24 Total 615,834 Nel gains on investments 696 576 NET INCOME 1,102,505 RECONCILIATION OF FUNDS Tota5 funds brought forward 7 297 676 TOTAL FUNDS CARRIED FORWARD 14. TANGIBLE FIXED ASSETS Fixtures and frttings COST At 1 January 2022 Additions Disposals Al 31 March 2023 689,240 369.748 1058 988 DEPRECIATION At 1 January 2022 Charge for period Eliminated on disposal Al 31 March 2023 159,336 45,427 204,763 NET BOOK VALUE At 31 March 2023 854 225 Al 31 December 2021 529,904 Page 22
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE PERIOD ENDED 31 MARCH 2023 15. FIXED ASSET INVESTMENTS Listed Investments MARKET VALUE Al 1 January 2022 Additions Disposals Revaluations 7,028,322 276,493 1222,7051 852,0461 Al 31 March 2023 6 230 064 NET BOOK VALUE Al 31 March 2023 6 230 064 At 31 December 2021 7,028 322 There were no investment assets outside the UK. Investments consist solely of investments held in unit trusts or other collective investment schemes. 16. STOCKS 2023 2021 Stocks 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2021 Pr8payments and accrued income 18. CASH AT BANK AND IN HAND General Fund Sergeants, Mess 2023 2021 Total Funds Total Funds Cash in hand Bank current account Bank deposit account 15.088 24,581 39,669 254,591 204 851 Total Cash at bank and in hand is a financial asset measured at amortised cost. Page 23
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE PERIOD ENDED 31 MARCH 2023 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2021 Accruals and deferred income Deferred income. included in the above, relates lo subscriptions collected by the AGC Association on behalf of the AGC HQ Officers Mess, which were paid over after the year-end.. 2023 At 1 January 2022 Collected on behalf of the Mess Paid over lo the Mess At 31 March 2023 1,021 87,855 20. MOVEMENT IN FUNDS At 1.1.22 Nel movement Tmnsfers At In funds beeen funds 31.03.23 Unrestricted funds General fLJnd Sergeants. Mess 8,346,944 11,078,313) 11344 7,268,631 TOTAL FUNDS Net movement in funds, included in the above are as follows.. Incoming Resources Resources Expended Gains and Losses Movement in funds Unrestricted funds General fund Sergeants, Mess 1,244,595 11.470,8621 33 734 {852,0461 11,078,313) TOTAL FUNDS The Sergeants, Mess fund is a designated fund which tracks income and expenditure in relation to the AGC HQ Warrant Officers, and Sergeants, Mess. Comparatives for movement In funds At 1.1.21 Nel movement Transfers At in funds between funds 31.12.21 UnrestrictÈd funds General fund Sergeants, Mess 7,254,31S 43,361 1,092,629 9,876 8,346,944 53,237 TOTAL FUNDS Page 24
THE ADJUTANT GENERAL'S CORPS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD ENDED 31 MARCH 2023 Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement in Losses funds Llnrestrletgd funds General fund Sergeants. Mess 991,146 1595,0931 696,576 1,092,629 TOTAL FUNDS 21. RELATED PARTY DISCLOSURES Whilst the charity has a Close working relationship with the Army, there are no tfftn5aclions with the Army which require disclosure under SORP FRS102. The only transactions made in favour of the Mess ale wholly attributable lo the charitable activities of furthering military efficiency. The Chairman, who acts as Managing Trustee, is a seNing officer and fulfils the role as Trustee in accordance with the applicable laws and regulations. During the period ended 31 March 2023 the charity paid grants tolalling £28,00012021 £19,500} lo the AGC Museum Trust, £14,000 12021. £12,000) lo the RMP Museum Trust, and made contribution5 of £Nil 12021 £NILI lo events organised by the AGC HQ Officers Mes$. The Adjutant Gener21's Corps Association, the AGC HQ Officer's Mess and the AGC Museum Trust have some trustees in common and all of these charities share the object of promoting the effi'ciency of the Adjutant Gener81's Corps. Page 25
THE ADJUTANT GENERAL'S CORPS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023 2023 2021 INCOME AND ENDOWMENTS Donatlons and legacies Regimental Subscriptions Donations Sergeants Mess Subscriptions Grants Donated services and facilities 816,919 1,458 33,734 50,000 55,100 658,075 1,901 30,617 50,000 57.667 957 21 798 Investment Income Dividends received Deposit ac¢ount interest 290,047 74 186,211 24 290 121 Charitable actlvlties Holiday Home Sale of Soldiers AGcoulrements 28,6SO 2,347 34,550 2,718 37 Totsl Incoming resources 127832 EXPENDITURE Investment management costs Investment advice Charltable activitles Donated services Continuous Professional & Personal Development ICPPD) Costs Field of Remembrance Funeral Tributes Presentations Soldiers Aceoutrements AGC 30th Anniversary SPS Award Ceremony MPGS Anniversary Winchester Carol Service Freedom Parade of Winchester Eltham Palace Event National Memorial Arboretum AGC Journal Triple Crown Provost 2022 Anniversary Events & Recruiting Overseas Events Gosts & Sundry Costs Carried forward 55,100 16,872 584 3,230 8,162 110,295 80,568 2,534 3,080 7,328 8,890 6,000 15,563 16.068 35,002 65,717 44,354 370 479,717 42,500 520 3.004 12,684 21,407 4,507 14,932 12,093 73 112,020 This page does not form part of the statutory financial stalemenls. Page 26
THE ADJUTANT GENERAL'S CORPS ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2023 2023 2021 Charitable activitles Brought forward Holiday Home AGC Dinner Nights & Corps Engagement Sergeants Mess Fixtures and fittings Grants to institutions Grants to individuals 479,717 34,457 2,700 22,390 33,598 92,000 713,829 112.020 24,073 213 20,741 26,878 86,500 284,884 1 555 309 Support costs Regimental Finance manager Insurance Telephone, internet & website Postage and stationery Loss on disposal of investments Computer and software costs offi Costs Subscriptions Travel Costs VIP Hosting Premises expenses Heritage costs Change of Cypher costs Anniversary coins PR Literature Fixtures and fittings Loss on disposal of assets 54,431 983 1,887 1,558 16,620 270 1,241 2,471 114 1,690 514 2,221 12,693 23,722 547 {711 3,342 2,245 1,614 3,437 22 327 1,694 371 917 11,731 550 3.811 11,829 Governan¢e costs Auditors, remuneration Auditors, remuneration for non-audit work Accountancy and legal fees 3,000 3,000 225 1.345 Total resources expended 1493 252 Net {expendlturel income This page does not form part of the statutory financial statements. Page 27