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 unincorpor*d 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), v*as 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 inter*n 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