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 Offi￿rS and fonner Offi￿r5 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 b*n 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 countr￿5 arrned fOr￿S 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 b￿efficiaries
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 I￿ra18 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 PerfOn￿anCe
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 cOndu￿ed 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 MI￿lIaneouS 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 De￿mber 2023 the OtrThs Fund a value of the investment portfolio £ 2,075,060 {£1,985,024).
2023 was an in￿edIblY 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 should￿8 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 d￿ades.
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
Ov￿e1ghed conc8ms about the eff￿S 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 (x1cula￿n9 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 pre￿1VatIOn 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 D￿k 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 rnak￿g of effe￿1ve 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. H￿ever, in order to rn￿t 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 receiv￿1 in order to maintain the key lOng4￿rn abllty to supwi the
se￿Ing 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 c￿r5e of their lifetinE which at any one time will exce8d 60 years. given normal
life exp￿ncy.
Key Management Personnel Remuneratlon
The Trustees COn￿der 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 rep￿SentativeS 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 a￿ardS to the other senior rBpresentatives of Lhe RHQ Stsff are approved by a special m88ting of
TTUSt*s held every 3 years. All awards are made annually and ar& scrutinised and approved by the Remunerations
sUb￿0mMrtt8e. 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 De￿rnber 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 fOr￿d to pay the
salary of the incoming Assistant Regimenl Secretary for Officer R￿Ulting. 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 cOnn￿lon 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 0￿StituteS 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&Ced￿lI 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 repl8￿ment 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 NOm￿ated Trustees seeking r8-el￿tIOn. 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-Wa￿8n
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 aS￿sted throughout Ihe year by The Rifles
Secretary Finance. Captain (Reti￿1)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 s￿tiOn 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 requir￿1 by Section 130 of the Acl" or
the aCc￿nts 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 att￿tIOn
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 f￿7 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 p￿Pared in
accordance wtth the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of
Recommended Practti appIl￿ble lo chatities preparing their acwnts in al￿rdance 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
dIr￿lY 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 D￿mber 2023 nor for the year
ended 31 De￿rnber 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
Geryrdphi￿l analysis of investrnentS:
2023
2022
Page 14
contlnued...

THE RIFLES OFFICERS. FUND
NOTES TO THE FINANCIAL STATEmE￿r5 - continued
FOR THE YEAR ENDED 31 DECEMBER 2023
10.
FIXED ASSET INVEsTmE￿r5 - continued
Held inside the United KIn￿10M
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 movem￿1 in funds, induded in the above ¥e as follo
In(x)ming
Resources
eXp￿ded
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
l￿berg 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
expend￿1
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. includ￿1 in the above are
as follows..
Incoming
Reswrces
expend&J
Gains and
loss85
Mov￿ent
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