2024-12-31-accounts

REGISTERED CHARTfY NUMBER: 1025591 REPORT OF THE TrUSTEES ANO UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE RIFLES OFFICERS. FUND

THE RIFLES OFFICERS. FUND CONTENTS OF THE FINANCIAL 8TATEMENT8 FOR THE YEAR ENDED 31 DECEMBER 2024 Pag• Report of the Trustses 1 to 7 Independent Examinerfs Report ststement of Flnanclal A￿vItIeS Balance Sheet 10 Notes to the Flnanelal Statemonts 11 10 18

THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees presenl Iheir report with the financial staternents ofthe cthaiity for the year ended 31 De￿mber 2024. The trustee5 have adopted the provk8ions of Accounting and Reports"ng by Charil￿s". Statement of Recommended Practice applicable to charities preparing.their accounts in accordance wth (he Financial Reporkn"ng Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing do¢un￿nI, a deed of trust and constitutes an unincorpord charity. The Riftes Officer5, Fund is a registered chanty originally establthed as the Royal Green Jackets Offi￿r5, Fund under a Trust Deed dated 14th N)ri11966. By a Stheme dated 16 D￿mber 2008 the Charity wag renamed The Rifles Offi￿lS Fund and the Trust Deed re-written. The Charity 15 for the relief of per30ns who a￿ in need. hardship or distress who are officers or forner offi￿r5 of the Regimenl and of Ihe fonner Regiments or the Reserve {forrnerfy Terrrtoriall units. or the families and dependants of suth persons. The definrtions of Ihe Regimenl and the fomier Regiments in the Scheme mean that the Fund can support of[￿erE and fomier officers of The Rifles, fonner offiGErs of the Royal GrEen Jackets and its antecedent Regiments, or their families and dependants. The Regimental Tru$tees are Ihe Finance Committee of The Rrfles Council. the gaveming body of the Regirnent. The Trustees are also Truslee$ of The Rffles Regimentsl TTUSt and The Rifles BeneVo￿nI Trust, the business of which is conducted at the same meetings of TTUStees. Governance There a￿ up to eight {currentty six) ex-officio Trustees. being the Colonel Comtnandant, Deputy Colonel Commandants and other senior serving officers of the Regiment. In addilion, there are up to twelve Icurrenlly nine Nominated Jrustees the majoiity of vihom have specific skills such as in the inveslment or legal ffields and other8 have commanded battalions of The Riftes or of Fomiing Regiments. A Nominated Trustee must be an offi￿r or warrant officer, ar former officer or warrant officer, of the Regiment or of a Fomiing Regiment and may include a wife or widow of such. In making such appointments care is laken to ensure repre8entabon from each of the Fomier Regiments. Nominated Trustees ore electe(I for te￿5 not exceeding four years and may be reélected for a maximum of 4 lemis. Re-elections are rotational and tske place annually nonnally at the April Tnjstees meeting. In 2024. Lietrtenant Colonel {Retiredl John Poole Warren MBE and Mr AndrEW Jathson retired without replacement. Mr Jeremy Archer and Mr Oliver Marsh agreed to continue as Trustees and were re-deGied. meet￿9S of the Trustees are held quartety. normally in January, April, Juty and October. The Trustees have a Nornination Sub Committee wthich. annualty" and when a vacancy OCCUT5, con5ideTS Suitable candidates to ￿InfO￿ the skills or representation of the TNstees and pr¢Jposes candidates to The Rifle5 Council for nofflination. New nominated candidates. as well as Nominated Trustees seeknng re-election, are eleded by the Trustees at the Spring (second) meeting each year. Wew Nominated Trustees are briefed by the Chaiman of Trustees and on appointrnent are given an induction pa( of background information on each of Ihe Regimental Chartties, including copies of Trust Deeds, annual accounts and rninutes of recent meets"ngs, and a copy of Charity Cornmi55ion booklet'ResponsibilfLie5 of a Charity Trustee,. Training through seminars etc Is rnade availpble for all Trustees. Other Sub Committees, to cover the work of all The Rilles Charities, have been formed for Govemance, Finance, Grants, Remuneration and InveslffenL In addition, there is a Homes Sub Committee .to manage properb.es (Green Jacket Closel owned by The RIF￿$ Benevolent Trust The Nomination Commrttee annually review5 the membership of Sub Committees to ensure that Trustees use their skills appTOtKiately and gain experien￿ from the work of such Sub Committees. The risks to which the Charity is vulnerable are reviewed annually by the Truslee5 after detailed work by the Governance Sub Commrttee. The Trustees ¢onsider the major TÈsks to which the Charity could be exposed and review the systerns established to mitigate suth risks. They are not aware of any irregularitses. induding fraud, involving management or employees of the Charity" nor are they a%¥are of any instances of actual or nOn-￿mpl1an￿ with laws, regulations, contracts or agreements that mjght result in the Charity suffering significant penalties or other loss. Page 1

THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 DECEMBER 2024 OBJECTIVES AND ACTivrriES Prlnclple Activities and Pollcl The PTtncipal activity of the Charity is the relief of persons who are in need by v￿lue of financial hardship, sickness, disability or the effects of old age. who are Office￿ and foTThEr ()￿￿[5 of The Rifies. fomer Offi￿[5 of the RGJ and its antecedent regirnents or their famifies and dependants. To the extent that income is not required fvr the principal activity, the Trustees may apply rt for the benefft of serving officers of The Rffles in suth charitable ways lor the effiuency of the Regiment as the Trustees may decKle. To thk5 end. exce5S iio)me in any year may be passed to an l￿berg Fund. Grant maklng The Trustees meet annually in January to consKler the budget for the year and any requests for ongoing or new grants. The Trustees are also thé Tnjstees of The Rifies BeneVO￿￿t Trust who need to meet quarterly to ratify grants. Such quart8rly meetings also give the Tnjstees the c¥Jportunrty to consider inryjme and exppnditure on The Rifies offi￿¢S Funé and any additional grants that have been requested. Between Trustee Meetings, the Grants Sub Committee consider any urgent cases and make grants wthin certain limits or reo)mmend to the other Tn￿eeS that a highergranl should be made. Officers are also ben8fiuaries of The Rifles Benevolent frust whith will nonnally be the firsl fund whith is asked to.help in officer cases. Incorne In 2024 m08t of the income, £42,547 (2023: £41,974), vas frwi the invesbnenl portfolio. Grnnts Benevolent grants to individual Offi￿r5 or their widows totalled £11,500 {2023'. £5,947). In 2024 expendtture once again remained low as most requests for IndivÈdual benevolen￿ were met by The RtAe5 Benevolent Trust where applications met their crÈteria, as they a￿ the lead regimental benevolence charity. Trustees also appmv&J payment towards the venue cxjsts of the Officers Regimental Dinner amounting to £11.460 {2023." £4,163). A granl was made for offi￿r5 Weware to the ￿n9 Edvmrd Vll Hospital for Officers lo £500 12023: £5001. No grants V￿re made to Battalion OfficeTS Mes8es Ihis year. 1£1,5001 and MIS￿lIane0u9 Costs and presentstions were also zero {2023.' £56). Officer recrurf(ing expended £44,006 (2023.. £16.061). This induded the salary for the Offi￿r Recruibng post, thich is urrenuy being subsidised by the charity due to a freeze on recruitment. £10K12023: £1 OK) was transferred to the l￿berg FurKI Public Benefrt The following ststements tske into account the Chaiity Commission's guidance on public benefit disdosure. The Trustees a￿ rA)n8CiOUS that Ihe use of charitable funds should have an elernent of benefit to the publio The main object of The Rffles (Yficers, Fund is to provide Tplief to Offi￿rS who are or have been in the Regiment who are suffering from har(Iship or d￿SS. The Trustees believe that Ihis demonstrates the Charity's adherence to the spirit and prinople of public benefiL The benefiaary Class is wide and, although tt include5 currenl serding officers, the main beneficiaries are veterans, VAdO￿ and dependants. Grants are targeted and based 501ely upon need- such relief does not duplicate stste benefit It is therefore considered that there is an identifiable benefit and rt is to the individual and to the natson at large. The existsnc4 of,the Charty helps to ensure high morale and high standards in The Rilles and thus contributes to the effectiveness of the country's amied lorces Ythich in turn brings tsngible benefits to the publio Page 2

THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Lieutenant General Thoma8 Richardson Copinger-symes CBE tod( over as Colonel Cornmandant on 22 March 2023 and was already an existing ex-officio Trustee. The Governan￿ Sub Committee has again carried out a full revmv of the risks to whK the Charity might be exposed. and irnprovements have been made to the Tisk analysis. Flnancial and Markets Revlew As 8t 31 DecEmber 2024, the Officers Fund had a value of the inve5trnent portfolio £2.193,421 12023: £2,075,060). Risk assets enjoyed a strong tsvelvewmonth period. Trhith global equity markets up 20%1 as measured by the MSCI AJI Country Wodd index. Equities were buoyed by the improving fundamental picture as inf5at￿n fell doser to central bank targels, whilsl global growih remained robust. The concept of US exe2ptionalism was prtrvalent throughout the period, driven by stronger growth and the anticipated impact of P￿sident TNmp's poliues after his victory in Novemberfs eleclton. In fact. US Stocks conduded the year wsth their tEst t￿year stretth in 25 yeafs. Regional equty market perfomiano largely reflected this vath the US strongty Outperfo￿nIng Other major equity markets, the exception being China whith rebounded on expectations of policy stimulu5. Meanwhile the "Magnificent Seven" 2 and other Al rel8ted stocks were the strongest perfomiers. wth the former group responsible for over half of the global equity market returns in 2024. with Nvidia almost trebling over the period. 2024. however. was another difficult year for fixed income matkets. US and UK govemment bonds produced negative returns as they experienced higher than usual levels of volatility. driven by shifting narratives from global central banks and the markevs subsequent reaction to intere51" rale expectations_ This was particularly true in the last quarter of the year, where Treasury yields rose in the aftennath of Ihe eleclion on the e¥iectation that stronger growth and higher inflation would lead to fewer Fed rale cuts. Elsewhere, commodities exhibited a mixed piclure with gold rising to new alktime highs in October. whilst oil prices have fallen significantly despite ongoing events in Ukrane and the Middle East The US dollar was aL89 volatile but rose strongly in the fourth quarter on a Irade-weighted basis. strengthening against m4or currenaes and positively impacting returns for overseas investors in US mab1(et& Current economic fvndarnenta15 suggest that 2025 shoukl ￿ another positive year for equilies and risk assets mcre broadty. The challenge is that downside risks are greater than before,. the prospect of an al￿out trade war looms large. the outlook for interest rates ts more Un￿rtaIn, and government debt continues to Tige. Diversification can help mitigate sorne of these risk5. Bonds should provide some protection against risks to growth. while gokl and other ￿MM¢)dItieS help to manage the risk of inflation and elevated geopolitical tension5. Incorne from invesbments in 2024 was £42.$41 12023.. £41.968). Total expenditure Dn tharTtable activities. goveman¢e and support costs amounted to £64,733 12023: £64.869). The gain on investments amounted to £198,360 {2023'. £90,036) and the funds carrted forward on the Balano Sheet amount to £2,228.15312023.' £2.088,059). Increase in expendittJTe was due to absorbing the cost of employing. as an intern m&38ure. a Rifles Recruiting Officer due to a MOD iecrutling ban following the death of Lt Col Ovey. Risk Management Tru51ees consider that the variety of inveslmerts wih a diveTrifie(J investrnent portfolio exerrysed through the Fund managers, Cazenove Char￿e5. along wrth a lotal reiurn" approath. This allows a drawdown on capital of 3OA. including investment income, plus an uplift factor to meel budgetary requirements {1% for 20231 which is monitored and recommended by the investrnents sutpcommittee arvj helps to stsbilise Ihe incorne and miligates the risks as far as is possible. The Trustees will also approve a further drawdown of capital were deemed nece55ary to meet essential dernand5 in support of the Regiment Iserwng, fonner and antecedent) its Rifiemen and their dependent5. However, to meet any extraoTdinary demands placed upon it a reassessment of the level of grants awarded takes pla￿ at their January meeting eath year vthh any adjustrnent necessary being made to ensure the long-lenn ability to support the Regimental family. Page 3

THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Reserve¥ Policy A review took pla￿ in late 2021 and a baseline of 3% of the average market value of the portfolio over 3 yeaTr was retained linduding actual invesbnent income) and an addttional uplift of 1% was agreed to enable the budgetary requirement for 2024 to be met Going forwaTd"for 2025 the baseline of 3% of value is to be retained., this comprise5 of actual Investment income topped up by a drnwdovm. rf requir&J, from unrestricted funds and takes into account substantial anticipated income for 2025 fro￿ the Antioth settleM￿t £175,1i0 (£175,000 in 2023). Key Management Per8onn•l Refflunerntion rhe Trustees consider the board of Trustees and the Rtfie$ Regimental Secretary (atso a Trustee) and the Rffles se￿etary Finance as the Key Management personnel of the Charity. Al Trustees give of their time freely and are not remunerated for their time spent on work on behalf of the Charity. The day-tcAay management is invested in other senior representatives in RHQ The Rifles who are employed and salaried by the Ministy of Defence. Rwnuneration of the Regimentsl Secretary as a Trustee has been approved by the Charity Commissioners and the sum along with any other ex gratia awards to the other senior mernb8TS of RHQ Stsff are aFvroved by a $peuaS meeting of TTUStees hekl every 3 years. All awards a￿ made annually and are scrub"ni8ed and approved by the Remuner¥tions Sutrtcomrnittee. The Remunerations sUL￿CoMMittee also screens any other ex gratia aV￿rdS recommended by the Regimental Secretary for other members of the RHQ staff from an agreed bud9et. Paymenl of awards ￿11 generally be paid in December of each year. Dedaration of any related party issues are contained as appropriate in the auditoffs notes". there h8s been no such conflict in the wrrent year. In assessing the awards trustees assess against perfomiance, as there is no benchmark with which to compare the ex-gratia payments. Tnjslees are also requir&J to disd08e all re￿ant interests in connedion vrith any grant ap[Al￿tion and in accordan with the Trust's policy wrthdraw from discussions where any conflicl of inlerest arises. There has been no such conflict in the current year. Page 4

THE RIFLES OFFKERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reglst&rÈd Charity number 1025591 Principal addresg RHQ The Riffles Peninsula Barracks Romsey Road nthester Hampshire S023 8TS Trustees Lieulen8nl General Thomas Richardson Copinger-symes CBE Lieutenant General Chatfes Seymore Collins DSO OBE Maj General Thomas Howard Bewid( OBE Major General Daniel Reeve MC Brigadier Mark Christian Peter Wilson MBE Colonel Ralph Graharn Arundell Colonel Ashtey Raymond Fulford OBE Colonel Nikola Ilic MBE QGM Lieutenant Colonel Peter Jarnes Alexander Balls OBE Lieutenant Colonel John Alexander Poole-warren MBE - Relired 25 January 2024 Lieuienanl Colonel Simon David Gray MBE Captain Robett Gribble Jeremy Michael Arther Simon Charles Hazlitt - Chairrnan Rebe¢¢a Chadotte Maciejewska Oliver Rupert Marsh Henry Charles Steel Page 5

THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS The offitss of the Charity are based in the Regimental Headquarters of The Rifles 15 an MOD establishment. and the *Jfficia15 are ayil servants employed by the MOD" therefore neitkLer accommodation nor stsffing incur any cost to the Charity. Thr(Jughout 2Q24 the person responsible for Ihe day to day running of the Charity was The Riffes Regimentsl Secrelary and Trustee, Lieutenant Colonel (Retired) PJA Balls OBE assisted throughoLrt th8 year by The Rifles Secletary Finanr£, Captsin {Retired) I l Foster. In August 2024 Capt Foster retired, handing over to Kate Badcock. Independent Examlner Paul Undepmoad FCCA Morris Crocker Chartered Ace4)untants station House North Street Havant Hampshire P09 1QU Banker5 Royal Bank of Scotland plc Military Banking Lawrie House VidoTia Road Famborough Hampshire GU147NR Solicitorn Blake Morgan New Kings Court Tollgate Chandlerfs Ford S053 3LG Inve¥tment Managers Cazenove Capital Management 1 London Wall Place London EC2Y SAU Page 6

THE RIFLES OFFICERS. FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPoNSIBIL￿[Es The trustees are responsible for prepaTing the Report of the Trustees and the financial statements in ac￿rdanCe with applicable law and United lfjngdom A¢wunting Standards (United Kingdom Generally Accepted Accounting Practice). The law applieAble to charrties in England and Wales. the Charities Act 2011. Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair wew of the state of affairs of the charrty and of the inrx)ming resour￿$ and application of reSoU￿s, including the income and expenditure. of ihe chaTity for that period. In p￿parinG those financial statements, the trustees are required to select suiiable accounting polioes and Ihen apply them o)nsistenly" observe the methods and principles in Ihe Charily SORP: make judgements and estimates that are reasonable and prudent", state whether applicable accounting standards have been followed. subject to any material departures disdosed and explained in the financial statements.. prepaTe the tinanryal slaternent8 on the going concern basi5 unless il 15 inappropriate to presume that the charity will ontinue in busines5. The tru$lees are responsibfe for keeping proper a￿)untir#3 records which disdose with reasortable accuracy at any time the financial posrtion of the charity and to enable them to ensure that the financial stsiement5 CQTnply ￿th the Charities Act 2011. the Charity (Accounls and Reports) Regulations 2008 and the provisions of the twst deed. They are also ffsponsible for safeguarding the assets of the tharity arKI hence lor taking reasonable steps for the prevention and detection of fraud and other irregularitie5, Approved by order of the board of trLtstses on .......... and signed on its behalf by= S C Hazlitt- Trustee Page 7

INDEPEtrIDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RIFLES OFFICERS. FUND Independent exarninerf¥ rpport to the trustee5 of The Rllle5 Offlcers. Fund I report to the charity ITUStee5 on my examination of the accounts of The Rifles Offitérs, Fund (the Trust) for the year ended 31 De￿mber 2￿24. Respon$ibilitie5 and basls of report As the charity trustees of the Tnjst you are responsible for the preparalion of the aGGounts in accordanr wrth the requirements of Ihts Charities Act 2011 {'the AGt). I report in respeci of my examination of the Trusfs accounts carried out under Section 145 of the Ad and in carrying out my examination I have followed all applicable Directions given by the Charity Commi&8ion under sects.on 145151(b) of the Act. Independent examine￿5 statement I have cornpleted my examination. I confinn that no material matters have ￿me to my attenlion in connection thfjth the examination givlng me CAuse to believe that in any material re8￿Ct accounting records were not kept in respect of the Trust as required by Section 130 of the Art or the accounts do not aword with those records. or the accounts do not ccmply with the applicable requirements Con￿mIng the fom and conlent of a¢GDunts set oul in the Charibes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair vivw whith is not a matter c4)nsIde￿d as part of an independent examination. I have no concems and have e4)me auoss no other matters in conneotion with the examination to which attention should be drawn in this report in order to enable a proper understsnding ofthe accounts to be reathed. Paul Undemod FCCA Morris.Cro(er Chartered Accountants 'ststion House North Street Havant Hampshire P09 1QU - tsLs Page 8

THE RIFLES OFFICERS. FUND STATEMENT OF FINANCIAL ACTMfiES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Unrestricted funds 2023 Total fvnds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investrnent income 42,54.1 41,968 Totsl 42,547 41,974 EXPENDITURE ON Raising fund5 8,664 8,423 Charitable activities Individual beneficiaries Grants and pensions 80,649 11,500 28,502 Total 100813 Net gain¥ on inveslrnents 198.360 90,036 NET INCOME 140,094 67.138 RECONCILIATION OF FUNDS Total funds brought fonNa￿l 2,D88,059 2.020,921 TOTAL FUNDS CARRIED FORWARD 2,228,153 2,088,059 CONTINUING OPERATIONS All income and expenditu￿ has ansen from continuing activit￿S. All funds within 2023 were unrestricted. The notes fomi part of these financial statements Page 9

THE RIFLES OFFICERS. FUND BALANCE SHEET ' 31 DECEMBER 2024 2024 Tolal fvnds 2023 Total funds FIXED ASSErs Investments 10 2.193.421 2,075,060 CURRENT ASSETS Debtor8 Cash at bank 11 22,006 22,484 491 46,033 22,975 CRED￿oRs Amounts falling due within one year 12 {11,301} 19,976) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 2,228.153 2,088,059 NÉT ASSETS 2,228.153 2,088.059 FUNDS Unrestiicted fvnds 13 2,228 153 2.088,059 TOTAL FUNDS 2.228,1 $3 2,088,059 The fin ncial statements were approved by the Boarf of Trustees and authorised for issue on . and were signed on its behalf by: S C Hazlitt- Trustee The noles fomi part of these financial ststements Page 10

THE RIFLES OFFICERS, FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Ba819 of prnparlng th8 flnantial ststements The financial ststements of th'e charity. which is a public benefrt entity under FRS 102, have been prepared in accardarJLE with the Charities SORP (FRS 102) 'Accounting and Reporting by Charilies.. Statement of Recommended practi￿ applicable to chanb.es preparing their at￿unt8 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of I￿land, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the excep1ion of investments wh￿h are induded at market value. as modified by the revaluation of certain assets. Going Con¢em The trustees believe thal the going concern assumption remains appropriats for The Rifles OfficeT5' Fund. There are no known factors or conditions thal would suggest a need to question the chaiity$ ability lo continue operations for the foreseeable future. Income All income is recognised in ttre Statement of Financial Adlvities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recogni5ed as e>pendrtUTe a8 soon as there is a 18gal or constructive obligation committing the charity to that expelldi￿re, it is probable that a transfer of economic benefits will be required in settlemenl and the amount of the obliqation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings Ihat aggregate all cost related to the c£tegory. Where costs cannot be directly attributed to particular headings they have been allocated to aclivities on a basis consistent with tho use of ￿$ources. Grants offered subject to condibons thith have not been mel at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from tax ￿ its charitable activities. Fund accountEng Unrestricted funds can be used in accordance with the tharitable objectives at the discretion of the trustees. Restricted fijnds onty be used for particular restricted purposes within the objects of the charity. ReStriCt￿nS arise when speafied by the donor or when fvnds are raised for particular restricted purposes. Further explanats.on ofthe nature and purpose of each fund is induded in the noles to the financial statements. Financial instruments The tharity only ever enters into basic financial instruments transactions that resull in the recognition of financial assets and liabilities like trade and other accounts rer£Thiable and payable, loans from banks and other third parties and loans related to parties and inveslments in non-puttable ordinary shares. Trade and other debtQTS Short lemi deblors are measured at transaclson PTKe, less any impaiThnenL Loans receivable Are rneasured initialty at fair value, net of transaction cosL and are measured subsequentty at amortised cost using the effective interest method. less any irnpainnent. Cash and ¢ash equlvalents Cash and cash equivalents eompnse cash and bank and on hand, depostts ￿ banks and other short-temi h￿hlY Ib]uid investments and barl¢ overdrafts. In the balance sheet, bank overdrafts are shown within borrowngs or current liai¥"lities. Page 11 continued...

THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTIPIG POUCIES - continued Fin?n¢HI instruments Trade and other credltorn Short torm trade credf(ors are measured at Ihe trdf&iction pri￿. Olher financial liatslitles, induding bank loans. are rneasur&Y initially at fair value. net of tranSa￿an costs. and are measured subsequertlly at amortised cost using the effective interest methcKI. DONATIONS AND LEGACIES 2024 2023 Donations INVESTMENT INCOME 2024 2023 Investnent income 42.541 41.968 All invesknent income is derwed frcrfn asselsheld in the Un*ed Kiigdoffl. RAISING FUNDS Raising donations and legacies 2024 2023 Sundries Inveslment management costs 2024 2023 Portfolio managerrent 7.220 8.423 Aggregate amounts 8,664 8,423 Page 12 continued...

THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEM8ER 2024 CHARITABLE ACTIVThIES COSTS Grant funding of activities (See note 61 Support costs (see note 7) DiTPCt Costs Tota Individual beneficiaries Grants and pensions 15,916 64,733 80.649 11,500 11,S(XJ 15.916 92.149 GRANTS PAYABLE 2024 2023 Grants and pensions 11,500 27.947 The total grants paid to inslitulitins during the year was as f(Alows.' 2024 2023 Husher Hosp for off￿er5 Iceberg Parry 1 Rifles grant Ovey Hayes Simmons 1,000 500 1,000 500 20,000 1,000 1.500 3.947 5,000 5,000 11,500 27,947 SUPPORT COSTS Govemance Management Totals Individual beneficiaries 61.149 3,584 64,733 Page 13 conlinued...

TFE RIFLES OFFIGERS. FUND NOTES TO THE FINANCIAL STATEMEKfs - ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS- contlnued Support cosls, included in the above. are as follows: Management 2024 Individual benefficiaries 2023 Totsl activiltes Insuran PrBsentstions Recruitment Database costs Offior events staff Honorariun 1.116 1,096 56 16.061 2.000 4.163 44,006 2,917 11,460 1,65D 61,149 25.026 Goveman¢e costs 2024 Individual benefi￿arleS 2023 Total activities A￿￿rt0[$. remunerntion 3.584 TRUSTEES. REMUNERATION AND BENEFITS There were no bustees. Temuneration or other benefts for the year ended 31 December 2024 nor for the year ended 31 De￿mber 2023. Trustees. expenses Dunng the year no trustees (2023: nll} were reimbursed out of pocket expenses. {2023'. £n1￿. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies Investment inc￿rne 41,968 Tolal 41.974 EXPENDITURE ON Rak8ing fijnds 8,423 Charitable activllles IndNidual beneficiaries Grants and Fertsions 28,502 Total 64.872 Page 14 continued...

THE RIFLES OFFKERS. FUND NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 DECEMBER 2024 COMPARATIVÈS FOR THE STATEMENT OF FINANCIAL ACTMTIES - ¢ontinued Unrestricted funds Net gains on investments" 90.036 NET INCOME 67,138 RECONCILIATION OF FUNDS Total funds brought lorKrd 2,020,921 TOTAL FUNDS CARRIED FORWARD 2,088,059 10. FIXED ASSET INVESTMENTS Listed investsments MARKET VALUE At 1 January 2024 Additions Disposals Revaluations 2.075,060 1,511,433 {1,633,427) 240,355 At 31 De￿M￿er 2tr24 2 193421 NET BOOK VALUE At 31 De￿mber 2024 2,193.421 At 31 De￿mber 2023 2 075,060 Geographical analysis of investments.. 2024 2023 Held inside the United Kingdom Held 0￿51de the Uniled Kingdom 617.050 1.576.371 541,051 1,534.011 2,193,421 2,075 Q62 Page 15 conlinued..

THE RIFLES OFFICERS. FUND NOTES TO THE FINANCIAL STATEMEKfs - Continued FOR THE YEAR ENDED 31 DECEMBER 2024 11. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Other debtor5 22,006 22,484 12. CREDrroRS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Other creditors 11.301 13. MOVEMENT IN FUNDS Net movement in funds Transfer5 befvéeen lund8 At 31.12.24 At1.1.24 Unrestiithd funds General fund I￿e[g Fund 2.089.189 1,130 140.094 (10,000) 10.000 2,219,283 2.088,059 140,094 2,228,153 TOTAL FUNDS 2,088,05g 140.094 2,228,153 Net movement in funds, included in the above are as follows.. Incoming resour ReSoUr￿S expende(I Gain5 and losses Movement in funds Unrestricted funds General fund 42,547 (100,813) 198,360 140,094 TQTAL FUNDS 1Crf) 813) 198,360 140.094 Comparalfves for movement In funds Net movement in funds At 31.12.23 At1.1.23 Unrestricted funds General fund Iceberg Fund 2.002,051 87,138 20,000) 2,089,189 1.130) 2 020 921 2,088,059 TOTAL FUNDS 2.020,921 67,138 2.088 059 Page 16 continued...

THE RIFLES OFFICERS. FUND . NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 13. MOVEMENT IN FUNDS - contlnued Comparative net movement in fiJnd4 induded in the above are as follow5.. Ir￿mIng resources Resources expended Gains and h)sses Movement in fvnds Unrestricted funds General fund Ic£berg Fund 41,974 144,872> 90,036 87,138 20,0001 64 872) 90.036 67.138 TOTAL FUNDS 64.872) 90,036 87,138 A current year 12 months and prior year 12 months combined posits'on is as follows.. Net movement in funds TransfeTS be￿een fund5 Al 31.12_24 At 1.1.23 Un￿striCted funds General fund Iceberg Fund 2.002,051 18.870 227,232 20.000) {10,000) 10.OOD 2,219,283 2.020.921 207,232 2228 153 TOTAL FUNDS 2,020 921 207.232 2.228,153 A current year 12 months and prior year 12 months combined net movement in funds, inrjuded in the above are as follows= In￿rnIng reSoUr￿S Resources expended Gains and Jsses Movemerrt in funds UnTestrlcted funds General fund l￿berg Fund 84,521 {145.685) 20 000) 288.396 227.232 20,000) 84,521 165,685) 288,396 207.232 TOTAL FUNDS 84,521 165.685) 288 396 207.232 Page 17 continued...

THE RIFLES OFFICERS, FUND NOTES TO THE FINANCIAL STATEMEKfs - continued FOR THE YEAR ENDED 31 DECEMBER 2024 14. RELATED PARTY DISCLOSURES The Rines Benevolent TrusL The Rrfles Regimental Trust. and The Rifles Officers, FuThJ are re18ted parties, as they are governed by the same Board of Truskes. A number of transactions took pla￿ be￿Een the three aribes during the year in the nonnal course of operations. The Rifles Benevolent Trust administers salary payments on behalf of both The Rffles Regimental Trust and The Rifles Offi￿rS, Fund. During the year. The Rifles Regimental Trust'transferred £7,000 (2023: £17,500) to the Benevolent Trust in respect of its salary costs. In addth"on, a further contribution of £21,000 12023: £25,750] was made to support shared salary obligatsons. The Riftes Officers. Fund transferr&J £34.780 {2023: £nill to the Benevolent Trust for the same purpose. The Rffles Regimentsl Tnjst transfe￿ed £131.031 (2023.. £132.1221 to the Benevolenl Trust in respect of Ragimentsl Subscripts"on5, and £92,285 (2023.. £51.605) in relation to donations and Gift Aid which y￿ received irth the Regimentsl Trust Lwt vRre attributable to the 8enevolent Trust. The RiAe5 Regimental Trust also paid rr cosis of £996 (2023. £29.357y on behalf of the Benevolent Trust. At the year end, the Regimèntal Trust owed the 8enevclent Tw$1 £5,358 {2023.' £19.993). In relation to The Rifles Officet3' Fund, £29.166.67 (2023: £nill vras paid lo The Rifles Regimental Twst for a share of datsbase costs. and a fijrther £1.650 (2023.. £nil) was paid to the Regimental Trust in Tespect of trustee rewards. The charrty also receives ￿nSIderable support from the Ministry of Defenc* in the fom of personnel time, office space. equipmenl, postage, and stationery. These contributy'ons are made available at no cost and have not been induded in the Slaternent of Financial Activities. as they are not separately identifiable or capable of reliable measurement. The resources provided by the Mini5ty are also used for broader militsry duties, and their value cannot be attributed solety to the artivit￿5 of the charity. PJJe 18