REGISTERED CHARITY NUMBER: 1025591 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE RIFLES OFFICERS. FUND
THE RIFLES OFFICERS. FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees 1 to 7 Independent Examinerfs Report Statement of Financlal Actlvltles Balance Sheet 10 Notes to the Financial Statements 11 to 17
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their r8PK)rt with the fnancial statements of the charity for the year ended 31 December 2023. 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 tha UK and Republic of Ireland (FRS 102} (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Prlnciple Activities and Policies The principal adivity of the Charity is the relief of persons who are in need by virtue of financial hardship. sickness. disability or the effects of old age. who ar8 OffirS and fonner Offir5 of The Rifles, former offic8rs of the RGJ and its antecedent regiments or their families and dependants. To the extent that income is not required for the principal aclivity, the Trustees may apply it for the benefft of seNing officers of The Rines in such charitable ways for the effiaency of the Regiment as the Trustees may d8cide. To this end, ex<xss income in any year may be passed to an Ic8b8rg Fund. Grant maklng The Trustees meet annually in January to consider the budget for the year arKI any requests for ongoing or grants. The Trustees are also the Trus188s of The Rifles Benevolent Trust who need to meet quartedy to ratify grants. Such quarterly meatings also give the Trustees the opportunity to consider income and expenditure on The Rifies Officerfs Fund and any additional grants that hav8 been uested. Btheen Trustee Meetings, the Grdnts Sub Crrfnmittee can consider any urgent cases and make grants within certain limits or recommend to the other Trustees thal a higher grant should be made. Officers are also beneficiaries of The Rifles Benevolent Trust which wtll normally be the fir fund whth is asked to help in officer cases. Public Benefft The following statements tske into account the Chatity Commission's guidance on public benefft disc105ure. The Twstees are conscious that Ihe use of charitsble furKls should have an element of benefil to the public. The main objecl of The Rifles Officers, Fund is to provide relief to officers tho are or have bn in the Regiment who are suffering from hardship or distress. The Trustees believe Ihal this demonstrales the Charity's adheren* to the spirit and principle of public benefft. The beneficiary class is wide and. although it includes current serving officers. tha maln beneficiaries are veterans, Mdows and d8p8ndants. Grants are targeted and based solely up)n need - such relief does not duplicate state benefft. It is therefore considered that there is an Identifiable benefft. and it is to the individual arKI to the nation at large. The exisien¢e of the Charity hdps lo ensure high morale and high Standards in The Rifl8s and thus contributes to the effectiveness of the countr5 arrned fOrS thich in tum brings tangible beneffts to the public. Page 1
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND AcnvmES Public Benefft The followtng statements take into account lh8 Chaiity commissi(.5 gU[dan on public benefft disdosure. The Trustees are conscious Ihat the use of charitable funds should have an element of benefft to the public. The main object of The Rffles Officers, Fund is to provide lief to officers vtho a or have b88n in the Regiment who are suffering from hardship or distress. The Trustees bdieve that this dwnonstrates the Charivs adherence to the spirit and prfnciple of public benefit. The beneficiary dass is WKle and, athough it includes current serving officers. the main befficiaries are vet8rans. widows and dependants. Gpnts are taryeted and based solely UEX)n need - sud) relief does not duplicate State benefiL It is therefore considerad that there is an identifiable benefii. and it is to the indivKlual and to thè nalion at large. The exssten¢e of the Charity hdps to ensure high Ira18 arKI high standards in The Rifies and thus contributes to the effectiV8ness of the county's amied forces which in tum brings tangible beneffts to the public. ACHIEVEMENT AND PERFORMANCE Actions. Achievements and PerfOnanCe Goveman Lieutenant General Thomas Richardson Copinger-symes CBE toc& over as Cdonel Comm8ndant on 22 March 2023 and was already an existing exaofficio Trustee. Tha Govemance Sub Committee has again cOndued a full revi6w of the risks to vknich the Charity might be exposed and improvements hav8 been made to the risk analysis. Income In 2023, the majority of the income. £41,971 (£35.678). was from Ihe investment portfolio. Grants Benevol8nt grants to individual officers or their widows totalled £5.947 {£3.502). In 2023 expenditure once again remained low as most requests for individual benevolen were met by The Rilles Benevolent TNst. vthere applications met their criteria. as they are ihe lead regimental benevolence charity. Trustees also approved payment towards the venue costs of the Officers Regimental Dinner amounting to £4163 (£8.385),. A gffjnl was made for Officw5 Welfare to the King Edward Vll Hospital for Officers to £&)0 (£500). Other grants made were to Battalion Officers Messes tctalled £1.500 (£2.500) and MIlIaneouS costs and presentations £56 (£449). Officer recruiting expended £16,061 (£3.229) and £0.00 (£1,000) was expend&J to support officers Dn state duties. £10K (£15K) was transferred to the Ic8berg Fund. Page 2
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Investment Report 2023 As at 31 Dember 2023 the OtrThs Fund a value of the investment portfolio £ 2,075,060 {£1,985,024). 2023 was an inedIblY eventful year in markets, with plenty of forcEs for investors to navigate. Economists weren'l esp8cially hiweful about 2023 with predictims of recessions littering the world's onoMies. After all, hampared supply chains were driving inflation higher, and central banks were fighting back with economy-bTuising interest rate hik8s. By most accounts, slocks should8 had a challenging year. yel US and European indexes are closed out the year around all-time highs, while Japan's stocks are at their highest in over four dades. After significant losses in 2022. UltieS t)ounced back again in 2023 with Global equities retuming +16.4% over the year (+9.3% excluding the knagnificent seven" t&hnobgy stocks) vthilst UK Govemment Bonds retumed +3.7Qh after strong 8nd to the year. The world'5 leading tech finns propelled the Nasdaq 100 index to its ljest year in over a decade, a5 enthusiasm for Al Ove1ghed conc8ms about the effS of higher interest rates in 2023. The seven biggest tech and internet-related stock5 - Apple, Microsoft. Alphabet. Amazon. Nvidia. Meta. and Tesla - saw their combined weighting in the S&P 500 rise to a record 29°/0 in November. Investors gravttated toward these companies. betting on their superior ability to leverage Al given their huge scale and financial heft. The lIK)rt contrtbubj approximately twtrthirds of the S&P 500's retum over the year. The Fund's investments increased by 6% over 2023. Inveslment Policy The Trustees have an Investrnent Policy Statement. revised dated 4th April 2023, as required under CC14 guidelines. The Trustees have appointed an Investment Sub-C¢)mmtitee, who have in tum appointed Cazenove Capital Management as the investment manager for the Charitys investable assets, along withportfolios of other of The RiA8s arities. Tha agreed policy has been to invest for total retum whilst (a) g8nerating sufficient income to supp)rt the on-going charitable activities, and (b) maintaining the real caprtal value of the irwestmenl funds over Ihe lonTrterm. The Tru515 aim to distribute an all(yNance (to be the annual 'Allowan") of 30/0 (adjusted for inflation, defined as the Consumer Price Index. or CPI). The value of the unrestricted funds used for (x1culan9 the PJIOWan shall be the average of the year*nd values (rfthe unrestricted funds in the previous three years. The benchmark for the portftlio. and the tolerance within aach asset class from the benchmark all(ration. are agreed with the investsnent managers and reviLvied regularly. The Trustees dassify their tolerance for risk as 'moderate' with the long-term target of the portfolio being to exceed CPI + 3.5Yo. The Tnjstees are satisfied with the performance of Cazenov8. Th8 Trustees believe that a prudent approath is taken by the investrnent managers with priorfty giv to the long-tenn pre1VatIOn of capital rather than the pursuit of short-tem perfonnance. Financial Review Income from investments in 2023 was £41.968 (£35.678). Total experKliture on charriable activities, governance and support costs amounted to £64,869 (£39,818}. The gain on investrnents amounted to £90.036.14 {2022 Loss of £154,267 1, and the funds carried foThvard on the Balan Sheet amount lo £2,020.921 (£2,179,319). Increase in expenditure was due to absorbing the cost of employing. as an interim measure. a Rifles Recruiting officer.due to a MOD recruiting ban following the death of Lt Col Dk Ovey. Risk Management The principal risks fac8d by the Trust lie in the perf{Man of the investments and the ability of the Tnjst to supwrt its beneficiarie5 through the rnakg of effe1ve grant& Page 3
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees consider that Ihe variety of investments with a divwsifi&J investrnent portfolio exerused through the Fund managers, Cazenove Charities, along with a lolal retum" approach. allLTr•ing for up to 10A of Capital per annum to be withdrawn, helps to stabilise the income and Mitigates the rtsks as far as is possible. The Tnjsiees wll also approve a further dravKlown of capilal vth8re deemed necessary to maet essential demands in support of the R8giment. Hever, in order to rnt any extraordinary demands placed upon the Fund th8 Trustees will maintain the priority of grants to support individual cases of benevolen(x. as per Ihe Trust deed. The level of other grants awarded will b8 reassessed as they are receiv1 in order to maintain the key lOng4rn abllty to supwi the seIng and Former Regimental Officers and their dependants who are eligible ben8ficiaries of this charitable fund. Reserves Policy The Charity has signiknnt reserves whith are represented by tha listad investrnents and managed funds. The Invethents are invested for total r8tum vthich allows. in addilion to the investrnent income, the drawdown of capital in any given year. from the unrestricted fvnds. wsthoLrt detriment to the Trustees, Inv8Stmenl Strategy. In Setting the reseNe and the investment pcAicy the Trustees lake due note of the need to support all eligible serving and retired officers of the Regiment over the cr5e of their lifetinE which at any one time will exce8d 60 years. given normal life expncy. Key Management Personnel Remuneratlon The Trustees COnder the board of Tnjstees and The Rillas RwJimental Se(xetary (also a Trustee) and The Rnles Secretary Finan as the Key management personnel of the charity. All Trustees give of their time freely and are not remun8rated for their time sperrt on work on behalf of the chaiity. The day-t(Hlay management is invested in other senior repSentativeS in RHQ The Rifles who are employed and salaried by The Ministy of Defen. Remuneration of the Regimentsl Secretary a5 a Trustee has be8n approved by th8 Charity Commissoners and Ihe sum, along with any ¢Jther ex gratia aardS to the other senior rBpresentatives of Lhe RHQ Stsff are approved by a special m88ting of TTUSts held every 3 years. All awards are made annually and ar& scrutinised and approved by the Remunerations sUb0mMrtt8e. The R8munerations sub-MmIt1ee also screens any other ex gratia awards recommended by The Regimental Secretary for other members of the RHQ staff from an agreed budget. Payment of awards will generally be paid in Dernber of each year. Declaration of any rdated paty issues are contained as appropriate in the audilorfs notes. In assessing the awards Trustees assess against p8rf0m1an as there is no benchmark which to compare the ex-gratia pwents. staff Remuneration Due to a hiring fraez8 by the Ministry of Defen, The Regiment (through the Officers, Fund) was fOrd to pay the salary of the incoming Assistant Regimenl Secretary for Officer RUlting. sad the incomer. Lt Col (retd) Dick {ey, died suddenly in post and the decision was taken to fund a tknmp sum to his family equivalent to threa months, salary]. The Officers, Fund continues to fund the salary of his successor. until such lime as the MOD ceases its hiring freeze. Trustees are also required to disclose all relevant interests in cOnnlon with any grant application and in accordance with the Trusvs policy withdraw fr[ de¢isrons vAiere ary conflict of interest aris8s. There has been no suth conllict in the current year. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is (x)ntrolled by ts goveming dowment, a deed of trust and 0StituteS an unincorporated charity. Page 4
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEME Governlng Document The Rffles Officers, Fund is a registered charity origTnally esiablished as the Royal Green Jackets Officers, Fund under a Trust Deed daled 14th April 1966. By a Scheme dated 16 Decanber 2008 the Charity was renamed The Rifles Offic*s Fund and the Trust Deed re-written. The Charity is for the relief of persons who are in need, hardship or distress who ar8 officers or fomier officers of the Regiment and of the fomier Regiments or the Reserve (formedy Territorial) units, or the families and dependants of such persons. The definitions of the Regiment and the former Regiments in the Scheme mean that the Fund can support officers and fomier officers of The Rifles. former officers of the Royal Green Jad(ets and its ant&CedlI Regiments. th&ir families and deperKlents. The R8gimental Trustees a the Finan Committee of The Rifies Council. the gcweming body of th8 Regiment. The Trustees are also Trustees of The Rffles Regimental Trusi and The RiAes Benevolent Trust. the business of which is conducted at the same me&tirKJS of Truslees. Governance There are up to eight (currently six) ex-officio Trustees, baing the CcAonel Commandant, Deputy Colonel Commandants and other sentor seNing officers of the Regiment. In addition, thwe are up to iwelve (currently nine) Nominatad Trustees the majorily of vthom have specific skills such as in the investrnent or legal fields and others have commanded battalions of The Rifles or of Fomiing Regiments. A Nominated Trustee must b8 an officer or warrant officer. or former officer or warrant officer, of the Regiment or of a Forming Regimant and may include a wife or widow of such. In making such appointrnents care is taken to ensure representation from each of the Former Regiments. Nominaled Trustees are elected ftjr lerms not exceeding four years and may be re-elected for a maximum of 4 tem7s. Re-election5 are rotational and take place annually nomially at the April Trustees. In 2023 General Sir Patrick Saunders KCB CBE DSO ADC Gen, Lieutenant Colonel {Relired) John Pwle Warren MBE and Mr Andrew Jackson retired wthout repl8ment Mr Jeremy Archer and Mr Oliver Marsh agre8d to continue as Trustees arKI wwe reelected. Meetings of Ihe Truste8s are held quarterly, normally in January. April. Juty and October. The Trustees have a Nomination Sub committ vthich. annually and when a vacancy occurs, consders suitable candidat8S to reinforce the slalls or representation of the Trustees and prop)ses candidates to The Rrfles Council for nomination. New nominated candidates, as well as NOmated Trustees seeking r8-eltIOn. are elected by the Trustees at the Spring (second) meeting each year. New Nominat8d Trustees are briefed by the Chaimian of Trustees and all new TTUStees are gNen an induction pack of background inforniatic on each of the Regimental Charities, including copies of Trust Deeds, annual accounts and minut8s of recent m8etings. and a copy of Charity Commission bwklet 'Re5pon5ibilities Df a Charity Truste8'. Training through seminars is made available frx all Trusteas. Other Sub Committees, to cover the work of all The Rines Chanties, hav8 baen ft)mied lor Govemance, Finance, Grants. Ramuneration and Investment. In addition, there is a Homes Sub Committee to manage properties (Green Jacket Close) owned by The Rffles Benevolent Trust. The N(Knination Committ8e annualty reviews the membership of Sub Committ88S to ensure that Trustees use th8ir skills appropriatety and gain experien from the work of such Sub Committees. The risks to which the Charity is vulnerable are reviewed annually by Trustees at the Spring m8eting each year. after detailed work by the Govemance Sub Committee. The Trustees consider the major risks to which the Charity could be exposed and review the systems estsblished to mitigate such risks. They are not aware of any irr8gularikn8s, including fraud, involving management or employees of th8 Charity,. nor a they aware of any Instan$ of actual or possible non-ccKnpliance with laws, regulations, contracts or agreements that might resuli in the Charity suffering slgnifi¢ant penalties or other loss. REFERENCE AND ADMINISTRATIVE DETAILS Registsred Charity number 1025591 Paga 5
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Prlnclpal address RHQ The Rifies Peninsula Barracks Romsey Road Winch&ster Hampshi S023 8TS Trustees Lt Gen N R Parker CBE Brig N P Carter CBE Brig T P Evans MBE Brig J T Jackson Brig T B Radford OBE Brig R H D Toomey CBE Brig N Welch OBE Col M J Blxlen TD Col S J Oxlade MBE Lt Col J A POole-Wa8n Capt P B Mitford-slade OBE J M Archer S C Hazlitt A G W Jackson O Marsh A B Wimble General Sir Patrtck Nicholas Yardley Monrad Saunders KCB CBE DSO ADC Gen - Retired 22 March 2023 Lieut8nant General Thomas Richardson Copinger-syrnes CBE LieLAenant General Charles Seymore Collins DSO OBE Maj General Thomas Howard B8wick OBE Major General Daniel Reeve MC Brigadier Mark Christian Peter Wilson MBE Cdonel Ralph Graham Arundell Colonel Ashley Raymond Fulford OBE Colonel Nikola Ilic MBE QGM Li8Lrtenant Colonel Peter James Alexander Balls OBE Lieutenant Colonel John Alexander Poole-warren MBE - Retir 25 January 2024 Li8Ut8nant Colonel Simon David Gray MBE Captain Robert Gribble J8remy Michael Archer Simon Charles Haaitt - Chaimian Andrew George Wycliffe Jackson - Retired 26 January 2023 Rebecca Chartotte Maaejewska Oliv8r Rupert Marsh Henry Charfes St881 The Offi of the Chaiity are based in the Regimental Headquarters of The Rifles which is an MOD establishment and the officials are civil servants onployed by the MOD; therefore neilher wty)lace nor staffing incur any cost to the Charity. Throughout 2023 ihe person responsible for the day to day tunning of the Charity was The Rifles Regimental Secretary and Trustee, Lieutenant Cdtmel (Retired) PJA Balls OBE aSsted throughout Ihe year by The Rifles Secretary Finance. Captain (Reti1)11 Foster Page 6
THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Paul Underwood FCCA Morris Crocker Charte Accountants Ststion Hous8 North Street Havant Hampshire P09 1QU Bankers Royal Bank of Scotland plc Military Banking Lawrie House Victoria Road Farnborough H8mpshire GU14 7NR Solicitors Blake Morgan New Kings Court Tdlgate Chandler's Ford S053 3LG Investment Managers Cazenove Capital Management 1 London Wall Place London EC2Y SAU Approved by order of the board of trustees on ............ . arKd signed on its behalf by: S C Hazlitl - Trustee Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RIFLES OFFICERS. FUND Independent examinorfs report to the trustees of The Rffles orricer5' Fund I report to the charity trustees on my examination of the accourrts of The Rifles Officers. Fund (the Trust) for the year 8nd8d 31 December 2023. Responsibilities and basis of report the charity Irustees of the Trust you are responsible for the preparati of the a(xounts in accordance wilh the requirements of the Charities Ad 2011 (Ihè Acr). I report in respect of my examination of the Trust's accounts (arrigj out under stiOn 145 of the Act and in carrying out my examination I have follcwed am applicable Diredions g by the Charity Commission under secti 145(5Xb) of the ACL Independent examine¢s statement I have cotnpleted my examination. I confirrn Ihat no material matters have (x)me to my attenlion in connection with the examination giving me cause to believe that in any material respecL accounting rewrds were not kept in resp8Ct of the Trust as requir1 by Section 130 of the Acl" or the aCcnts do not accord with those records: or the accounts do not comply with the appli(xble requirements conceming the fonn and content of accounts Set OLrt in Ihe Charities (Accounts and Reports) Regulations 2008 other than any requirement that Ihe accounts give a true and fair view which is not a matter considered as part of an indépendent examination. I have nc) concams and have cx)me across no other matters in connection wtth the examination to which atttIOn should be drawn in this report in order to enable a proper understanding of the accounts to ba reached. Paul Unde(m)d FCCA Morris Crocker Chartered Accountants Station Hous8 Ncth Street Havant Hampshire P09 1QU Page 8
THE RIFLES OFFICERS. FUND STATEMENT OF FINANCIAL ACIIVITtES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Unrestricted funds 2022 Toial funds N(Aes INCOME AND ENDOWMENTS FROM Donations and legacies Irwestment income 41,968 35,678 Totsl 41,974 35,686 EXPENDITURE ON Raising fvnds 8.423 8,602 Charftable activities Individual ben8ficiari8S Grants and pensions 28,502 27,947 21,007 Olher 10,208 Totsl 64,872 39,817 Net gainsl{losses) on investments 90.036 (154,267) NEf INCOMEIIEXPENDITURE) 67,138 (158,398) RECONCILIATION OF FUNDS Total funds brought forvrfard 2,020,921 2.179.319 TOTAL FUNDS CARRIED FORWARD 2.088,059 2,020.921 The notes form part of these financial slatanents Page g
THE RIFLES OFFICERS. FUND BALANCE SHEEr 31 DECEMBER 2023 2023 Total fvnds 2022 Total funds Ndes FIXED ASSETS Investments 10 2,075.060 1.985,024 CURRENT ASSErs Debtors Cash at bank 11 22,484 491 5.897 33.342 22.975 39,239 CREDITORS Amounts falling due %%rythin one year 12 (9.976) (3.342) NEf CURRENT ASSETS 12,999 35.897 TOTAL ASSEfs LESS CURRENT LIABIUTIES 2,088.059 2.020,¥21 NEf ASSETS 2,088.059 2.020,921 FUNDS Unre51ricted funds 13 2.088,059 2,020.921 TOTAL FUNDS 2.088,059 2,020,921 ancial statements approved by the Board of Trustees and authorised for issue . and were signed on its behatf by: on S C Hazlitt- Trust88 The notes f7 part of these ffinarKial statanents Page 10
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statem8rrts of the charity. which is a public benefft entity under FRS 102. have been pPared in accordance wtth the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practti appIlble lo chatities preparing their acwnts in alrdance with the Financial Reporting Standard applicable in Ihe 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 induded at market value, as mcxjified by the revaluation of certain assets. Income All income is recognised in the SlatenEnt of Financial Activib'es once the charity has entitlement to the funds, it is probable thal the income will be receiv&1 and the amunt can be measured reliably. Expenditure Liabilities are recognised a5 expendiiure as soon as thwe is a legal CA)nsiructive obligation committing the charity to that expenditure. it is probabl8 that a transter of nOMiC beneffts 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 b88n classified und8r headings that aggragate all cost related to the category. Where costs cannot be dIrlY 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 hav8 nd been mat at the year end date are noted as a commilment but not accrued as expenditure. Taxalion The charity is exempt from tax on its chaiitable activities. Fund accounting UnrestrÈct8d funds can US8d in accordanc8 wilh the chariiable obpctwes at the (Iscr8tion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of tha charity. Restrictions arise when specified by the donor or when funds are raised for particular restsicted purposes. Further explanation of the nature and purwse of each fund is includeil in the Th)tes to the financial statements. DONATIONS AND LEGACIES 2023 2022 D(atiOnS Page11 continu&J...
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMENTS - confjnued FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME 2023 2022 Investment income 41,968 35,678 All investment intJ)me is derived from assets held in the United lfjngdom. RAJSING FUNDS Investment managemwrt costs 2023 2022 Portfollo management 8,423 8,602 CHARITABLE ACTivmES COSTS Grant funding of activities (see n¢)te Support costs (see nole 7} Totsls Individual beneficiaries Grants and pensions 28.502 28.502 27,947 27.947 27.947 28,502 56,449 GRANTS PAYABLE 2023 2022 Grants and pensions 27.947 12,622 The total grarrts paid to institutions during Ihe yearvA5 as folltms". 2023 2022 Husher Hosp for officers 3 Rifles Iceberg Parry 1 Rifies grant Ovey 1,000 500 2.500 6,120 20,000 1,CK)O 1.500 3.947 27,947 9,120 Page 12 contFnued...
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Govemance costs Management Totals Individual beneficiaries 25,026 3.476 28.502 Support costs, induded in the atThe, are as foll Management 2023 Individual beneficiaries 2022 Total activities Insurance Postage and stationery Prasentations RecNitment Database costs Officer events Staff Honorariun 1,096 1.096 41 2.500 3.229 16.061 2,000 4.163 1.650 25,026 6,866 Governance costs 2023 Individua5 beneficiaries 2022 Tolal activities Auditors. remuneration 3.476 3.342 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year end8d 31 Dmber 2023 nor for the year ended 31 Dernber 2022. Trustees. expenses There wwe no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. Page 13 continued...
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMEKfs - continued FOR THE YEAR ENDED 31 DECEMBER 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES Unrestricted ftjnds INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 35.678 Total 35.688 EXPENDrruRE ON Raising funds 8.602 Charitable activities Grants and pension5 21.007 Other 10.208 Totsl 39,817 Net gainsl(losses) on investments (154.267) NET INCOMEI(EXPENDITURE) (158.398) RECONCILIATION OF FUNDS Total funds brought forward 2,179,319 TOTAL FUNDS CARRIED FORWARD 2.020,921 10. FIXED ASSET INVESTMENTS Listed investments MARKEf VALUE At 1 January 2023 Revaluations 1,985,024 90,036 At 31 December 2023 2.075.060 NET BOOK VALUE At 31 De*mber 2023 2.075,060 At 31 December 2022 1,985,024 Geryrdphil analysis of investrnentS: 2023 2022 Page 14 contlnued...
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEmEr5 - continued FOR THE YEAR ENDED 31 DECEMBER 2023 10. FIXED ASSET INVEsTmEr5 - continued Held inside the United KIn10M Held outside the United Kingdom 541,051 1,534,011 735.655 1,249,369 2.075,062 1,985,024 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors 22.484 5,897 12. CREDITORS: AMOUNTS FALLING DUE VVITHIN ONE YEAR 2023 2022 Trade Greditors 9.976 3,342 13. MOVEMEKf IN FUNDS Net movement in funds At 31.12.23 Al 1.1.23 Unrostricted funds General fund Ic8b8rg Fund 2,002.051 18,870 87.138 (20,000) 2,089,189 (1,130} 2,020.921 67.138 2,088,059 TOTAL FUNDS 2,020.921 67,138 2,088,059 Net movem1 in funds, induded in the above ¥e as follo In(x)ming Resources eXpded Gains and losses Movement n funds Unrestricted funds General fund l*berg Fund 41.974 (44.872) (20.000) 90,036 87,138 (20,000) 41,974 (64.872) 90,036 67,138 TOTAL FUNDS 41,974 (64.872) 90,036 67,138 Page 15 (x)ntinued...
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMETrTfs - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEME IN FUNDS- continued Comparatives for movement in funds Net movement in funds At1.1.22 31.12.22 Unrestricted funds General fund lberg Fund 2.154,329 24.990 (152.278) (6.120) 2,002.051 18.870 2.179,319 (158,398) 2,020.921 TOTAL FUNDS 2.179.319 {158.398) 2,020.921 Comparabve net moveThrrt in funds, included in the above are as follows: Incoming Reswrces expend1 Gains and 1055es Movement in funds Unrestricted funds General fvnd Iceberg Fund 35,686 (33,697) (6.120) (154,267) (152,278) {6,120) 35.686 (39.817) (154,267) (158,398) TOTAL FUNDS 35.686 {39.817) (154.267) (158,398) A current year 12 mcfftths and prior year 12 Months combined positi1 is as fc4khys: Net mov8ment in funds At 31.12.23 At1.122 Unrestricted funds General fund Iceberg Fund 2,154,329 24,990 165,140) (26.120) 2,089.189 (1,130) 2.179,319 (91.260) 2,088,059 TOTAL FUNDS 2.179,319 (91,260) 2,088.059 Page 16 continued...
THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 310ECEM8ER 2023 13. MOVEMENT IN FUNDS - continued A current year 12 months and pri year 12 months combined net movement in funds. includ1 in the above are as follows.. Incoming Reswrces expend&J Gains and loss85 Movent in funds Unrestricted funds Goneral fijnd Iceberg Fund 77,660 (78.569) (26.120) (64.231) (65.140) (26.120) 77,660 (104.689) (64.231) (91.260) TOTAL FUNDS 77,660 (104,689) (64.231) (91,260) RELATED PARTY DISCLOSURES There were no related party transactions for the y&qr erKled 31 December 2023. Page 17