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 be￿een 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 Resour￿8.
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, includ￿ng 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 I￿e1ve 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$, Responsibilities, the trustees are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the
trustees delermir¢e is necessary to enable the PTepafation of financial statements that are flee from material
misstatement. whether due to fraud or error.
In preparing the financial stslemenls, the Iruslees are responsible for assessing the charity's ability lo continue as a
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounling unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic atternalNe
bul to do so.
Our responsibilitles for the audit of the finan¢ial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act
and relevant regulations made or having effect Ihereunder.
Our objeckn'ves are to obtain ffasonable assurance about whether the financial statements as a whole are free from
material misslatemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors that includes
our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will a￿ayS detect a material misstalemenl when il exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these fi'nancial statements.
Irregularities, including fraud, are instance$ 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 prO￿dureS 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 cOn￿alm9nt
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.uklaudilors￿SponSlb1lltles. 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 fO￿ard
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 enti￿lY 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
8￿rUed 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 bel￿een 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 be￿een 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 meaSU￿d 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
be￿een 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