**REGISTERED CHARITY NUMBER: 1185298** ## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **FOR** ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** Rothmans Audit LLP Chartered Accountants & Statutory Auditors Avebury House St Peter Street Winchester Hampshire SO23 8BN **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 7| |**Report of the Independent Auditors**|8 to 11| |**Statement of Financial Activities**|12| |**Balance Sheet**|13| |**Cash Flow Statement**|14| |**Notes to the Cash Flow Statement**|15| |**Notes to the Financial Statements**|16 to 25| |**Detailed Statement of Financial Activities**|26 to 27| ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 1. The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **REFERENCE AND ADMINISTRATIVE DETAILS** 2. The official name of the Charity is The Adjutant General's Corps Association. ## **Registered Charity Number** : 1185298. ## **Principal Office** Headquarters Adjutant General's Corps The Gloucester Building Worthy Down Winchester SO21 2RG Telephone: 0300 1533 486 Website: www.agcassociation.co.uk Email: corpshq@outlook.com ## 3. **Trustees and Officers of the Charity** The Trustees of the Charity are: Colonel Victoria Whiting ADC (from 4 June 2021 to 6 June 2024) Colonel Stu Allen MBE ADC ( from 6 June 2024) Lieutenant Colonel John Alecock (from 29 April 2022 to 30 September 2023) Lieutenant Colonel Bernie Labuschagne (from 17 April 2024) Warrant Officer Class 1 (Corps Sergeant Major) Wayne Heathcote (from 6 April 2022 to 16 April 2024) Warrant Officer Class 1 (Corps Sergeant Major) Christopher Hastings (from 17 April 2024) Colonel Scott Martin Vardy (from 1 October 2020 to 14 July 2023) Colonel David Rutherford (from 18 October 2023) Colonel Douglas Hutchinson (from 6 April 2022 to 16 October 2024) Colonel Lisa Tamplin (from 16 October 2024) Colonel Craig Terblanche (from 5 October 2022) Lieutenant Colonel Helen Bowman (from 4 October 2021 to 18 October 2023) Lieutenant Colonel Philip Oram (from 18 October 2023) The Executive Officer conducting the day-to-day operations of the Charity was: Lieutenant Colonel (Retired) Michael John Robert Cotton MBE (Corps Secretary) (to 16 April 2024) Major (Retired) Ben Culleton (Assistant Corps Secretary) (from 17 April 2024) Page 1 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS** 4. **Auditors** 6. **Investment Advisor** Rothmans Audit LLP CCLA Investment Management Ltd Avebury House One Angel Lane 6 St Peter Street London Winchester EC4R 3AB SO23 8BN 5. **Bankers** 7. **Legal Advisors** Royal Bank of Scotland Blake Morgan LLP Holt’s Military Banking New Kings Court 200 Fowler Avenue Tollgate Fowler Business Park Chandler's Ford Farnborough Eastleigh GU14 7JP SO53 3LG ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 8. **Governing 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 contact between the present and past members of the Adjutant General's Corps and the former constituent corps and to foster esprit de corps, comradeship, welfare of the Adjutant 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 need, suffering hardship or distress. ## 9. **Trustees** There may be up to eight Appointed Trustees and four Nominated Trustees. Each of the four Branches of the Corps may propose a person who acts as a Nominated Trustee in accordance with the Constitution Document. All Trustees attend Trustees Training, and a training record is kept. ## 10. **Organisational 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 to the Benevolence Committee who are empowered to approve grants for benevolence cases to a maximum of £3,000 for any one case. During the period, additional funding for benevolence was provided from other Associations, The Royal British Legion, ABF The Soldier's Charity and other Charitable Organisations. ## 12. **Risk Management** The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to manage those risks. The key risks identified by the Trustees include the following: ## Finance: a. Risk that Statutory Accounts are not prepared appropriately and filed on a timely basis. Risk mitigated, as Association has appointed a qualified Chartered Accountant as the Finance Manager. b. Risk that there is insufficient income to cover costs and benevolent payments. Risk mitigated as Trustees have implemented rigorous controls over future spending. ## Human Resources: a. 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 YEAR ENDED 31 MARCH 2024** ## 13. **Public Benefit** The Trustees have paid due regard to 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 Army. It does this by providing support for benevolence, welfare, sports, and recreational activities. This assistance enables service 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, it 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 to undertake the roles demanded of it, including the defence of the United Kingdom and its interests. Whilst the charity predominantly supports the Service and Ex-Service community it also has a responsibility to support the wider community. 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. ## **OBJECTIVES AND ACTIVITIES** ## 14. **Objects of the Association** The objects of the Association are to promote the efficiency of the Adjutant General’s Corps (AGC) in such ways as the Trustees shall think fit in particular but not exclusively by: - a. Maintaining contact between the members of the AGC and/or the former constituent Corps. - b. Fostering esprit de corps. - c. The protection and advancement of the heritage and ethos of the AGC. d. The relief of members and former members of the AGC and/or members of the former constituent 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 circumstances. ## 15. **Powers of the Association** The CIO has the power to do anything that is calculated to further its Objects or is conducive or incidental to doing so. In particular, the CIO has the power to: - a. Take all necessary action for publicising and disseminating information, including but not limited to, the histories, deeds and traditions of the CIO and the AGC. b. 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. - c. Buy, take on lease or in exchange, hire or otherwise acquire any property, maintain and equip it for use. d. Sell, lease or otherwise dispose of all or any part of the property belonging to the CIO. In exercising this power, the CIO must comply as appropriate with sections 117 and 119 to 123 of the Charities Act 2011. e. Employ and remunerate such staff as are necessary for carrying out the work of the CIO. The CIO may employ or remunerate a Trustee only to the extent that it is permitted to do so by clause 6 and provided it complies with the conditions of that clause. f. Deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other property of the CIO to be held in the name of a nominee. This is carried out in the same manner and subject to the same conditions as the trustees of a trust are permitted 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 YEAR ENDED 31 MARCH 2024** ## 16. **Objectives For the Period** The main objectives for the period were: - a. To respond quickly and compassionately to requests for benevolence assistance. b. To provide support for serving personnel who are injured or are suffering with poor health, by way of financial assistance where needed or appropriate. c. To provide support to the next of kin and family of those serving and ex-serving who had suffered a bereavement. d. To provide for social gatherings for serving and retired members in order to foster comradeship and esprit de corps. - e. To increase the level of subscribers to the Association. - f. To produce a high-quality Corps Magazine (AGC Journal). g. 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 for the period were achieved. 18. The Benevolence Committee provided financial assistance to those who were in genuine need or suffering hardship. This included assistance with priority debts, rent and council tax 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 £148,428. This is a decrease on the previous period due to the fact that it was a 15-month period. 19. The Trustees extend their thanks to The Royal British Legion, other Associations and ABF The Soldier's Charity for their generosity over the past year to the members of the Association who have required assistance. The Association donated £40,000 in 2024 and £40,000 in January 2023 to the Army Benevolent Fund. 20. The Association provided support for social gatherings to foster comradeship and esprit de corps. The Association expended £68,498 on fraternal grants (now retitled to Team Cohesion grants) throughout the period. 21. The Association expended £309,090 on sporting activities throughout the period. The Association provides funding support for 38 different sports from grass roots participation through to Corps, Army, and Inter-Service competition level. It also supports individuals representing GB at the international level. It also funds an annual sports seminar and sports awards event in March. The Trustees extend their thanks to the Army Sports Control Board for the grant of £45,000 towards sports costs. 22. The Continuous Professional and Personal Development funding pathway (CPPD) is designed to complement and enhance funding available from public funds. During the period the fund provided 5 individual serving members contributions towards their courses and funded external speakers for 3 mass CPD events totalling £10,949. Take up is increasing gradually as members become aware of the scheme. A review of the policy and application process will take place in 2024 with the aim of increasing uptake. 23. The AGC Holiday Homes are 1 static caravan and 2 lodges split between Devon and the Lake District that are available to AGC serving personnel & veterans to book at a heavily subsidised rate. Several weeks of the year they are given over to welfare/compassionate cases at zero cost to the beneficiary. The cash loss for the period was £12,078 and after depreciation of £6,097 there is a total loss of £18,175. As the holiday homes contribute towards welfare provision the Trustees are content to accept that they are non-profit making. 24. The Association awarded a grant of £30,000 (2023 £28,000) to the AGC museum and a further grant of £5000 to the Museum Development Fund, and a further grant of £16,349 (2023 £14,000) to the RMP Museum. The Museums are open to all serving personnel, veterans and the general public, free of charge. Page 4 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** 25. The annual commemoration service at the AGC plot at the National Memorial Arboretum was held on 11[th] July 2023. The formal opening of the Field of Remembrance at Westminster Abbey in November 2023 was carried out but with reduced attendance due to construction work at the Abbey. 26. The Trustees agreed to purchase a boat in order for a team from the Educational and Training Services Branch to compete in the World’s Toughest Row Transatlantic Challenge in 2024. In the absence of another Corps team registering for the event in 2025, the Trustees have agreed that the boat will be sold after the event in order to recoup some of the cost. 27. The work of the Association and the benefits provided are briefed to all new officers and soldiers, encouraging them to join. We are pleased to report that almost 100% of new entrants join the One Day's Pay Scheme and subscribe to the Association. In November 2023, the last of the forming cap badges, the Military Provost Service, became full members of the AGC ODPS. 28. The Adjutant General’s Corps Association (Charitable Incorporated Organisation (CIO) registered charity number 1185298) was formed on the 13[th] of September 2019 from the Adjutant General’s Corps Regimental Association and the Adjutant General’s Corps Institution. Our legal advisers have carried out the merge with the Charities Commission and the two former charities have been removed from the Charity Commission register. ## **FINANCIAL REVIEW** ## 29. **Financial 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 time. In addition, there is an expectation that when antecedent Corps Associations cease to exist, the responsibility for their veterans will pass to the AGC. Therefore the AGC Association balances the demands of the current population it serves, with the requirement to plan for the future benevolent needs of its veterans. In broad terms the Trustees seek to disburse grants to a level such that expenditure does not exceed income from the Service Day’s Pay Giving Scheme, allowing the income from investments to be reinvested thereby growing the amount available for future benevolence demands. ## 30. **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 to Warrant Officer Class 1 were collected at 120% of one day’s pay. The additional 20% was retained in the fund for exclusive use of the Corps Sergeants Mess. Subscriptions from officers were collected at 150% of one day’s pay. The additional 50% was transferred to the Headquarters Officers’ Mess Account. Subscriptions received from retired members along with gift aid receipts were credited to the Association Fund. ## 31. **Investments** On the formation of the Association, the Trustees recognised the need to establish long-term financial reserves and therefore they continue to maintain an investment portfolio on behalf of the Association. The investment policy is to 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 at 31 March 2024, the fund’s total assets are £7.5m, of which £6m is held in investments. It is invested in the Armed Forces Common Investment Fund (AFCIF), 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. ## 32. **Reserves** In common with charities, the AGC Association holds free reserves to ensure that services can continue during a period of unforeseen reduced income or increased expenditure. Our reserves policy is set with reference to the financial risks facing the charity and amounts to 6 months income from the Service Day’s Pay Scheme, Page 5 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024** approx. £325K. Our reserves also mitigate against fluctuations in the value of our investments, so that we would not need to sell our investments at a time when it is not financially advantageous to do so. ## 33. **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** 34. In the 2023/2024 financial year the level of inflation has gradually reduced, and costs have, for the most part, stabilised. Benevolence expenditure has also stopped climbing and stabilised, although not reaching prepandemic/cost of living crisis levels. While there is still some uncertainty over the stability of financial markets the Association will maintain its strategy of endeavouring to ensure that expenditure does not exceed income. The Association’s financial priority is to ensure it can sustain its core benevolence funding activity. The increased scrutiny applied this financial year to other expenditure (on sport, adventure training, and team cohesion activities for example) to ensure that the most value for money is being realised, will continue going forward. No new capital investment projects, with the exception of the delayed Museum redevelopment project, are currently being considered. 35. Following the coronation of HRH King Charles in May 2023, all cap badges and cyphers are to be updated to reflect his choice of the Tudor crown and the EIIR replaced by CIIIR on some items. The replacement of all promotional material, signage and so on, will constitute significant outlay. However, this process is expected to happen gradually over the next 2 – 5 years to keep pace with the availability of publicly funded items, and so items will be replaced at the end of their useful life and costs will be spread over time. 36. The Association has in the past relied upon donated services of civil service staff. With the current recruiting constraints in place it has been necessary for the Association to directly employ 2 members of staff to ensure the continuity of the critical skills areas of finance and communications. It is likely that this will continue for the foreseeable future. 37. In 2024, a revised pricing structure will be implemented for the Holiday Homes reflecting low and peak periods in order to encourage bookings for the entire season. A revised cleaning and handover/takeover process will also be implemented in order to reduce the cost of the (sub-standard) cleaning contract currently in place. Due to the reduction in workforce available to manage the holiday homes, options for employment of external site managers will be explored. 38. To mitigate the additional costs outlined above, there will be an increased focus on income generation. Primarily this will involve maximising the serving and retired membership of the Association. Other fundraising options will be explored. In April 2024, retired member subscriptions were increased from £5 (UK residents) and £12 (overseas members) to £10 per annum for all. The Association has signed Memorandums of Understanding with Trinity Insurance Services Limited and Genesis Protection Services Limited who are proudly sponsoring Corps sports teams. 39. In terms of governance, and as a result of a skills audit, the Association recruited the Director of Operations of COBSEO as a trustee in October 2023. This will benefit the board in terms of awareness of charity sector related issues and spread of good practice. As five years have passed since the creation of the Charitable Incorporated Organisation, a review of the constitution will take place in 2024. ## **FUNDS HELD AS CUSTODIAN FOR OTHERS** 40. The Adjutant General's Corps Association does not hold any assets on behalf of other charities. Page 6 ## ## ## ## ## ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **Opinion** We have audited the financial statements of The Adjutant General's Corps Association (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).” In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its 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 opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to 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 going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified 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 twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections 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 thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to 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 misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements 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 required to report by exception** In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified 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 information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial 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 thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ## **The extent to which the audit was considered capable of detecting irregularities including fraud** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:  the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;  we identified the laws and regulations applicable to the charity through discussions with the trustees and other management, and from our knowledge and experience of the charities sector;  we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011; and  we assessed 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 remained alert to instances 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 statements to material misstatement, including obtaining an understanding of how fraud might occur, by:  making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries during the year and at the year-end to identify unusual transactions;  assessed whether judgements and assumptions made in determining the accounting estimates set were indicative of potential bias; - investigated the rationale behind significant 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 to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation 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 financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to 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. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 10 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **Use of our report** This report is made solely to 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 state to the charity's trustees those matters we are required to state 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 to 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 & Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Avebury House St Peter Street Winchester Hampshire SO23 8BN Date: ............................................. 29 January 2025 Page 11 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
Fostering Esprit de Corps
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
Fostering Esprit de Corps
Benevolence & Welfare
Maintaining Contact & Traditions
Sports
**Total**
Net (loss) gains on investments
**NET (EXPENDITURE) INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2024
Unrestricted
& total funds
£
2023
Unrestricted
& total funds
£
769,703
957,211
36,257
30,997
197,089
290,121
1,003,049
1,278,329
0
2,814
453,768
681,137
221,643
277,645
49,209
77,227
342,306
454,429
1,066,926
1,493,252
278,587
(852,046)
214,710
(1,066,969)
7,333,212
8,400,181
7,547,922
7,333,212| |---|---| ||| The notes form part of these financial statements Page 12 THE ADJUTANT GENERAL'S CORPS ASSOCIATION BALANCE SHEET 31 MARCH 2024 2024 Unreslricled & total funds 2023 Unreslricled & total funds Note5 FIXED ASSETS Tangible assets Investments 14 15 916,447 854,225 002 644 ￿64 6,919.091 7,084.289 CURRENT ASSErs Stocks Debtors Cash al bank and in hand 16 17 18 1,924 169,9)0 524 926 1,773 246,147 696,750 287,589 CREDITORS Amounts f811ing due within i)ne year 19 NET CURRENT ASSETS 62 248 923 TOTAL ASSETS LESS CURRENT LIABILITIES 7 547 922 7333212 NEf ASSETS FUNDS Unrestrlcled funds 20 7333212 TOTAL FUNDS The financial ststements were ap1￿0Ve￿ by the Board of Trustees and authoriseé.for issue on and were signed on Ils behaff by.. Colonel Stu Allen MBE ADC Warrant Officer Class 1 {Corps Sergeant Major} Chrislopher Hastlngs The notes fomi part of these financial statements Page 13 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024** |Notes
2024
£
**Cash flows from operating activities**
Cash generated from operations
1
46,178
Net cash provided by/(used in) operating activities
46,178
**Cash flows from investing activities**
Purchase of tangible fixed assets
(86,879)
Purchase of fixed asset investments
(4,828,765)
Sale of fixed asset investments
5,334,772
Interest received
19,951
Net cash (used in)/provided by investing activities
439,079
**Change in cash and cash equivalents in the reporting period**
485,257
**Cash and cash equivalents at the beginning of the reporting period**
39,669
**Cash and cash equivalents at the end of the reporting period**
524,926|2023
£
20,309
20,309
(369,748)
(276,493)
206,085
74
(440,082)|2023
£
20,309
20,309
(369,748)
(276,493)
206,085
74
(440,082)|2023
£
20,309
20,309
(369,748)
(276,493)
206,085
74
(440,082)| |---|---|---|---| ||(419,773)
459,442
39,669||| ||||39,669| The notes form part of these financial statements Page 14 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024** ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |2024
£
**Net (expenditure) income for the reporting period (as per the**
**Statement of Financial Activities)**
214,710
**Adjustments for:**
Depreciation charges
24,657
Loss/(Gain) on investments
(278,587)
Loss on disposal of investments
0
Interest received
(19,951)
Decrease/(increase) in stocks
(151)
(Increase)/decrease in debtors
76,247
(Decrease)/increase in creditors
29,253
**Net cash provided by/(used in) operations**
46,178
2.
**ANALYSIS OF CHANGES IN NET FUNDS**
At
1.4.23
Cash Flow
£
£
**Net cash**
Cash at bank and in hand
39,669
485,257|2023
£
(1,066,969)
45,427
852,046
16,620
(74)
402
162,232
10,625
20,309
At
31.03.24
£
524,926| |---|---| The notes form part of these financial statements Page 15 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial 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 (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 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 at 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. The comparatives presented in these financial statements cover the 15-month period from 1 January 2022 to 31 March 2023 and are not entirely comparable. The charity, which is a charitable incorporated organisation, was formed by the merger of the Adjutant General’s Corps Regimental Association and the Adjutant General’s Corps Institution on 19[th] September 2019. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern and these accounts are prepared on a going concern basis. The most significant estimates affecting these accounts are the estimations of the useful lives of the fixed assets. There are no significant judgements which affect the amounts recognised in the financial statements. With respect to the next reporting period, the most significant areas of uncertainty 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 has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. Subscription income is received monthly through the One Day’s Pay Scheme and is recognised in the period to which it relates. Donations are recognised upon receipt. Grants are recognised when a formal funding offer is communicated, unless they are subject to unmet performance conditions, in which case they are recognised when those conditions are met. Income from the letting of the charity’s holiday homes is recognised at the date of rental. Interest and dividend income is recognised when the charity is entitled to payment. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. All resources expended are inclusive of irrecoverable VAT. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued 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 specific activities are allocated to those activities. 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. Governance 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. Page 16 continued... ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **1. ACCOUNTING POLICIES - continued** ## **Tangible fixed assets** All assets having a purchase value of more than £500 are capitalised. The cost of tangible fixed assets is written off by equal annual instalments over their expected useful lives using the following methods of depreciation: Furniture, fixtures and equipment - Straight Line over a period of 2 - 10 years. Holiday Homes - Straight Line over a period of 20 years. Boat – Straight Line over a period of 2 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 cost is written off in the year it is incurred and is not depreciated 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 assets are not depreciated on the basis that any such depreciation charge would be immaterial to these accounts. At each reporting date, the charity reviews the carrying amounts of its fixed asset to determine if there is any indication that those assets have suffered an impairment loss and, if any such indication exists, the asset is impaired to its recoverable value and an impairment loss is recognised within expenditure. ## **Cash at Bank and in Hand** Cash at bank and in hand includes cash in hand and bank current and deposit accounts with a maturity of less than 3 months. ## **Investments** Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet. The charity's investments are held in unit trusts and the fair value for these investments is equivalent to the market value, using the bid price. 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 between 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 between 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 realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** The charity currently holds only general-purpose unrestricted funds. Unrestricted funds can be used in accordance with the charitable objectives at the discretion 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 services and facilities** 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 measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Page 17 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **2. DONATIONS AND LEGACIES** |Regimental Subscriptions
Donations
Sergeants Mess Subscriptions
Grants
Donated services and facilities|2024
£
660,694
1,214
27,795
45,000
35,000
769,703|2023
£
816,919
1,458
33,734
50,000
55,100
957,211| |---|---|---| The Charity has a close working relationship with the Army and receives donated services from Army personnel who manage its operations. The estimated value of these services to the charity has been recognised in these financial statements. The Charity is also provided with office facilities within the Worthy Down Army Camp at no cost. No income is included in these financial statements for these donated facilities as it is not possible to reliably measure the value of these gifts. The AGC Association received a grant from the Army Sports Lottery Board of £45,000. ## **3. INVESTMENT INCOME** |Dividends received
Deposit account interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Notes
Holiday Home
Fostering Esprit de Corps
Sale of Soldiers Accoutrements
Fostering Esprit de Corps
**5.**
**RAISING FUNDS**
**Investment management costs**

Investment advice|2024
£
177,138
19,951
197,089
2024
£
34,555
1,702
36,257
2024
£
0|2023
£
290,047
74
290,121
2023
£
28,650
2,347
30,997
2023
£
2,814| |---|---|---| Page 18 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **6. CHARITABLE ACTIVITIES COSTS** |Direct Costs
(see Note 7)
£
Grant funding of
Activities
(see Note 8)
£
Support Costs
(see Note 9)
£

Fostering Esprit de Corps
266,632
162,671
24,465
Benevolence & Welfare
8,750
188,428
24,465
Maintaining Contact & Traditions
24,743
-
24,466
Sports
8,750
309,090
24.466
308,875
660,189
97,862|Totals
£
453,768
221,643
49,209
342,306
1,066,926| |---|---| ## **7. DIRECT COSTS OF CHARITABLE ACTIVITIES** |Staff costs
Continuous Professional & Personal Development (CPPD) Costs
Field of Remembrance
Funeral Tributes
Presentations
Soldiers Accoutrements
AGC 30thAnniversary
SPS Award Ceremony
MPGS Anniversary
Winchester Carol Service
Freedom Parade of Winchester
Eltham 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
ALS 75thAnniversary|2024
£
35,000
10,949
921
1,232
349
79,891
2,648
890
0
0
0
6,000
0
6,176
7,664
29,066
21,835
0
46,633
2,314
16,673
6,097
34,537
308,875|2023
£
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
16,068
35,002
44,354
370
34,457
2,700
22,390
33,598
0
572,862| |---|---|---| Page 19 **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **8. GRANTS PAYABLE** |**8.**
**GRANTS PAYABLE**||| |---|---|---| ||2024|2023| ||£|£| |Fostering Esprit de Corps|162,671|157,178| |Benevolence & Welfare|188,428|235,933| |Sports|309,090|412,718| ||660,189|805,829| |The total grants paid to institutions during the year was as follows:||| ||2024|2023| ||£|£| |AGC Museum Trust|35,000|28,000| |RMP Museum|16,349|14,000| |Army Benevolent Fund|40,000|50,000| ||91,349|92,000| ## **9. SUPPORT COSTS** |**9.**
**SUPPORT COSTS**|||||||| |---|---|---|---|---|---|---|---| ||||Administrative||Governance||| ||||Costs||Costs||Totals| |||||£|£||£| |Fostering Esprit de Corps||||23,569||896|24,465| |Benevolence & Welfare||||23,569||896|24,465| |Maintaining Contact & Traditions||||23,570||896|24,466| |Sports||||23,569||897|24,466| |||||94,277|3,585||97,862| |Support costs, included in the above, are as follows:|||||||| |**Administrative Costs**|||||||| ||Fostering|Benevolence|Maintaining|Sports|2024||2023| ||Esprit De|& Welfare|Contact &||Total||Total| ||Corps||Traditions||Activities||Activities| |Regimental Finance manager|9,392|9,392|9,393|9,393|37,570||54,431| |Communications Manager|4,250|4,250|4,250|4,249|16,999||0| |Insurance|731|731|731|730||2,923|983| |Telephone,internet & Website|111|111|111|110||443|1,887| |Postage and stationery|180|180|180|180||720|1,558| |Computer and software costs|53|53|53|54||213|270| |Office Costs|294|294|294|294||1,176|1,241| |Subscriptions|830|830|831|831||3,322|2,471| |Travel Costs|34|34|34|33||135|114| |Depn of fixtures & fittings|4,640|4,640|4,640|4,640|18,560||11,829| |Loss on disposal of investments|0|0|0|0||0|16,620| |VIP Hosting|0|0|0|0||0|1,690| |Premises Expenses|512|512|513|513||2,050|514| |Heritage Costs|79|79|79|80||317|2,221| |Change in Cypher Costs|503|503|502|502||2,010|12,693| |Golden Orb Expenses|224|223|223|224||894|0| |RMP Membership fees|801|802|801|801||3,205|0| |Digital Platform Fee|935|935|935|935||3,740|0| ||23,569|23,569|23,570|23,569|94,277||108,522| Page 20 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **Governance Costs** |**Governance Costs**||||||||| |---|---|---|---|---|---|---|---|---| ||Fostering||Benevolence||Maintaining|Sports|2024|2023| ||Esprit de||& Welfare||Contact &||Total|Total| ||Corps||||Traditions||Activities|Activities| ||£||£||£|£|£|£| |Auditors' remuneration|750|||750|750|750|3,000|3,000| |Auditors' remuneration for non-audit||-||-|-|-|-|-| |work||||||||| |Accountancy and legal fees|146|||146|146|147|585|225| ||896|||896|896|897|3,585|3,225| ## **10. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||2024|2023| |---|---|---| ||£|£| |Auditors' remuneration|3,000|3,000| |Other non-audit services|-|-| |Depreciation - owned assets|24,657|45,427| |Deficit on disposal of fixed assets|-|-| ## **11. TRUSTEE REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the period ended 31 March 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 March 2024 nor for the period ended 31 March 2023. ## **12. STAFF COSTS** The charity continues to employ a Finance Manager due to severe manning shortages in the publiclyfunded workforce. No employee benefits are provided. The charity’s Trustees also agreed to employ a Communication Manager from October 2023 due to the restrictions in recruitment of civil servants. Wages and salaries in 2024 were £53,309 and total pension costs were £1,260 for both positions. Page 21 **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## **13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |||Unrestricted|Unrestricted| |---|---|---|---| |||Funds|| |||£|| ||**INCOME AND ENDOWMENTS FROM**||| ||Donations and legacies|957,211|| ||**Charitable activities**||| ||Fostering Esprit de Corps|30,997|| ||Investment income|290,121|| ||**Total**|1,278,329|| ||**EXPENDITURE ON**||| ||Raising funds|2,814|| ||**Charitable activities**||| ||Fostering Esprit de Corps|681,137|| ||Benevolence & Welfare|277,645|| ||Maintaining Contact & Traditions|77,227|| ||Sports|454,429|| ||**Total**|1,493,252|| ||Net gains on investments|(852,046)|| ||**NET INCOME**|(1,066,969)|| ||**RECONCILIATION OF FUNDS**||| ||**Total funds brought forward**|8,400,181|| ||**TOTAL FUNDS CARRIED FORWARD**|7,333,212|| |**14.**|**TANGIBLE FIXED ASSETS**||| |||Fixtures,|| |||fittings &|| |||equipment|| |||£|| ||**COST**||| ||At 1 April 2023|1,058,988|| ||Additions|86,879|| ||Disposals||-| ||At 31 March 2024|1,145,867|| ||**DEPRECIATION**||| ||At 1 April 2023|204,763|| ||Charge for period|24,657|| ||Eliminated on disposal||-| ||At 31 March 2024|229,420|| ||**NET BOOK VALUE**||| ||At 31 March 2024|916,447|| ||At 31 March 2023|854,225|| Page 22 **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** ## 15. **FIXED ASSET INVESTMENTS** ||Listed| |---|---| ||Investments| ||£| |**MARKET VALUE**|| |At 1 April 2023|6,230,064| |Additions|4,828,765| |Disposals|(5,491,474)| |Revaluations|435,289| |At 31 March 2024|6,002,644| |**NET BOOK VALUE**|| |At 31 March 2024|6,002,644| |At 31 March 2023|6,230,064| There were no investment assets outside the UK. Investments consist solely of investments held in unit trusts or other collective investment schemes. ## 16. **STOCKS** ||||||2024|2023| |---|---|---|---|---|---|---| ||||||£|£| |Stocks|||||1,924|1,773| |17.|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||| ||||||2024|2023| ||||||£|£| |Prepayments and accrued income|||||169,900|246,147| |18.|**CASH AT BANK AND IN HAND**|||||| |||General|Sergeants’||2024|2023| |||Fund|Mess||Total Funds|Total Funds| |||£|£|||| |Cash in hand||1,206||-|1,206|1,846| |Bank current account||20,168|35.703||55,871|37,823| |Bank deposit account||467,849||-|467,849|-| |Total||489,223|35,703||524,926|39,669| 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 YEAR ENDED 31 MARCH 2024** ## 19. **CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||2024|2023| |---|---|---| ||£|£| |Accruals and deferred income|67,919|38,666| Deferred income, included in the above, relates to subscriptions collected by the AGC Association on behalf of the AGC HQ Officers Mess, which were paid over after the year-end: ||2024| |---|---| ||£| |At 1 January 2023|11,568| |Collected on behalf of the Mess|59,636| |Paid over to the Mess|(53,242)| |At 31 March 2024|17,962| ## 20. **MOVEMENT IN FUNDS** ||At|Net movement|Net movement|
Transfers|||At| |---|---|---|---|---|---|---|---| ||1.4.23|in|funds|between funds||31.03.24|| ||£||£|£|||£| |**Unrestricted funds**|||||||| |General fund|7,268,631||203,588|||7,472,219|| |Sergeants' Mess|64,581||11,122||||75,703| |**TOTAL FUNDS**|7,333,212||214,710||-|7,547,922|| |Net movement in funds, included in the above are as follows:|||||||| ||Incoming|Resources||Gains and||Movement|| ||Resources|Expended||Losses||in funds|| ||£||£|£|||£| |**Unrestricted funds**|||||||| |General fund|975,254|(1,050,253)||278,587|||203,588| |Sergeants' Mess|27,795||(16,673)||-||11,122| |**TOTAL FUNDS**|1,003,049|(1,066,926)||278,587|||214,710| 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** |**Unrestricted funds**
General fund
Sergeants' Mess
**TOTAL FUNDS**|At
1.01.22
Net movement
in funds
Transfers
between funds
At
31.03.23
£
£
£
£
8,346,944
(1,078,313)
-
7,268,631
53,237
11,344
-
64,581
8,400,181
(1,066,969)
-
7,333,212| |---|---| Page 24 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Gains and|Movement in| |---|---|---|---|---| ||resources|expended|Losses|funds| ||£|£|£|£| |**Unrestricted funds**||||| |General fund|1,244,595|(1,470,862)|(852,046)|(1,078,313)| |Sergeants' Mess|33,734|(22,390)|-|11,344| |**TOTAL FUNDS**|1,278,329|(1,493,252)|(852,046)|1,066,969| ## 21. **RELATED PARTY DISCLOSURES** Whilst the charity has a close working relationship with the Army, there are no transactions with the Army which require disclosure under SORP FRS102. The only transactions made in favour of the Mess are wholly attributable to the charitable activities of furthering military efficiency. The Chairman, who acts as Managing Trustee, is a serving officer and fulfils the role as Trustee in accordance with the applicable laws and regulations. The Association awarded a grant of £30,000 (2023 £28,000) to the AGC museum and a further grant of £5,000 to the Museum Development Fund, and a further grant of £16,349 (2023 £14,000) to the RMP Museum. The Museums are open to all serving personnel, veterans and the general public, free of charge. The Adjutant General'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 efficiency of the Adjutant General's Corps. Page 25 **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Regimental Subscriptions
Donations
Sergeants Mess Subscriptions
Grants
Donated services and facilities
**Investment income**
Dividends received
Deposit account interest
**Charitable activities**
Holiday Home
Sale of Soldiers Accoutrements
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Investment advice
**Charitable activities**
Donated services
Continuous Professional & Personal Development (CPPD) Costs
Field of Remembrance
Funeral Tributes
Presentations
Soldiers Accoutrements
AGC 30thAnniversary
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 costs & Sundry Costs
ALS 75thAnniversary
Carried forward|2024
£
660,694
1,214
27,795
45,000
35,000
769,703
177,138
19,951
197,089
34,555
1,702
36,257
1,003,049
0
35,000
10,949
921
1,232
349
79,891
2,648
890
-
-
-
6,000
6,176
7,664
29,066
-
21,835
0
34,537
237,158|2023
£
816,919
1,458
33,734
50,000
55,100
957,211
290,047
74
290,121
28,650
2,347
30,997
1,278,329
2,814
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
0
479,717| |---|---|---| This page does not form part of the statutory financial statements. Page 26 ## **THE ADJUTANT GENERAL'S CORPS ASSOCIATION** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |**Charitable activities**
Brought forward
Holiday Home
AGC Dinner Nights & Corps Engagement
Sergeants Mess
Fixtures and fittings
Grants to institutions
Grants to individuals
**Support costs**
Regimental Finance manager
Communications Manager
Insurance
Telephone, internet & website
Postage and stationery
Loss on disposal of investments
Computer and software costs
Office Costs
Subscriptions
Travel Costs
VIP Hosting
Premises expenses
Heritage costs
Change of Cypher costs
RMP membership fees
Digital platform fees
Fixtures and fittings
Golden Orb expenses
**Governance costs**
Auditors' remuneration
Accountancy and legal fees
Total resources expended
**Net (expenditure) income**|2024
£
237,158
46,633
2,314
16,673
6,097
91,349
568,840
969,064
37,570
16,999
2,923
443
720
0
213
1,176
3,322
135
0
2,050
317
2,010
3,205
3,740
18,560
894
94,277
3,000
585
3,585
1,066,926
(63,877)|2023
£
479,717
34,457
2,700
22,390
33,598
92,000
713,829
1,378,691
54,431
0
983
1,887
1,558
16,620
270
1,241
2,471
114
1,690
514
2,221
12,693
0
0
11,829
0
108,522
3,000
225
3,225
1,493,252
(214,923)| |---|---|---| |||| This page does not form part of the statutory financial statements. Page 27