REGISTERED CHARITY NUMBER: 1119061 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE RIFLES REGIMENTAL TRUST
THE RIFLES REGIMENTAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pag• Roport ol the Trustsos 1 to 11 Report of the Independent Audltors 12 to 14 stalement of Financlal Activities 15 Balance Sheet 16 Cash Flow Statament 17 Note8 to Ihe Cash Flow Stalemenl 18 Notes to the Financial Ststements 19 to 29 Detalled Statement of Flnanclal Actlvities 30 to 31
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report with the financlal ststements of the charity for the year ended 31 December 2023. The twslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparillg their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). Page 1
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Principle Activitles and Policies Ineome Apart from investment income, the major wular source of income to the Charity is from Regimental Subscriptions (the Day's Pay Scheme) in which the majority of officers and soldiers throughout the Regiment participate. All income to September 2021 was received into The Rifles Regimental Trust with 510/0 of the basic incorne then being passed to The Rifies Benevol8nt Trust. With effect from 1 October 2021 Trustees have amended the allocation of incomg from the Days pay Scheme from 51°A to 40% to The Rifles Benevolent Trust . this was reviewed and reconfirmed at the October 2023 meeting of trustees and will continue b8 reviewed annually_ This remains possible due to other income to the Benevolence Trust from Legacies enabling the changes to be made wthout any detriment lo existing beneficiaries. The balance 1600/41 is retained by The Rifles Regimentsl Trust. which is able lo make grants to The Rifles Benevolent Trust as required and inGludes additional contributions from officer5 which are held in a designated fund to support officer related actniities. Al payments via the Day's Pay Scheme are through Charitable Giving and are therefore inclusive of tsx. Rogimontal Objectlves The Rtfles Council has approved Regimental Objectives, which are reviewed annually, and which Trustees take into account when making grants from The Rifles Regimental Trust. The Objectives issued In 2017 remain extant with three objective5 being set." Realise the potential of every Rrfleman and maxlmise the opportunity of being a large Regiment Exploit the range of modern roles to enhance the Regimenys reputats'on for tactical innovats'on and forward thinking. Capitalise on the five pillars (Regulars, Reserves, Cadets. Associations and Communities) to sustain the Regiment and build esprit de corps, ensuring full manning. Grants to Regular Battalions . Trustees wll allocate to Regular battalions, Ilncluding to 4 Rangers who rebadged in Decemb 2021 but who for now remain linked lo The Rlfles and to where their Regimental Subscripts'ons are paid), an annsjal block grant that may be expended at CO'S discretion, except that a percentsge must bè expended on Adventurou5 Training (to meet the terms of the LawnCe Bequest from which part of the income is derived). 11 Is intended to cover such expenditure as offi¢ial entertainm8nt and the 5UPPOrt of Bugle Platoons (but not the repair of bugles). b. Th8 grant Is nomially paid in equal elements in January and July but may be drawn down by negotiation with RHQ where the operational cycle of the Battalion justifies an eartier payment to support expenditure commitments during the year. No part should be reserved for future years, unless agreed through RHQ. c. The grant is intended to help towards all normal actThiities of the battalion., request$ for additional grants should be for exceptional expenditure. Such additional requests are Considered regularly by the Trustees. Major repairs to bugles ar Ghattels- and the insurance thereof- are not covered by the grant. These wll be arranged centrally by RHQ and covered by the RHQ budget. Page 2
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Grnnts to Reserve Battalions a. Reserve battalion5 ar8 also given a block gran( part of which will be from a fund restricted for this purpose. The Trustees will consider additional requests for grants which will be weighted by the fact from 2016 when Reserves started limited subscriptsons of 14% of a davs pay under the Day's Pay scheme but less than 30% are CUrrenY contributing. As the numbers grow Trustses will continue to review and may be able to enhance their support given to Ritss Reserve units. Grants to CItyICounty Offices Under restructuring there will be four Regional Offices for the South Wesl (based in Exeterl. The North (Based in Durham). The South East (Based at RHQ) and Central (Based in Shrewsburyl. There are currently satellite offices based in Bodmin, Durham, London and Taunton some ofwhich will, in due course. be subject to closure. b. Each Citylcounty OfFice will be allocated a block grant to Ver administration, events and Regional Color¢el's expenses. c. The grant may be drawn down by negotiation with RHQ. d. Offices may bld for additional grants to cover exceptional expenditure planned for the following year. e. No grants are made to cadets or cadet detachments. Grants through RHQ RHQ will establish a bLJdget foi annual approval by Ihe Trustees to cover all regimental matters that are not covered by grants to Regular and Reserve battalions, or Citylcounty offices. Designated IUnrestriGted} and Restrlcted Fund$ 1. 51V) RGJ Trust IDesignat&). These funds denve from a disbanded RGJ TA unit and the income therefrom is applieLI to grants to the Rifles ReseNe Battalions and independent companies. 2. The Officers. Fund (Designaledl receives income from the Day's Pay Scheme thal is specifically intended for officers, subscriptions and welfare. 3. Thp Hatton Bequest Fund {Restrictedl derives from a legacy in memory of Corporal Harry Hatton, 2nd Royal Green J&kets, who was injured in Northern Ireland and who subsequently died. It is to be used to provide prizes for the best recruits in the Regiment at the Training Regiment at Catterick. 4. The Lawrence Bequest Fund IRestrictedl. The bequest was made to the Rifie Brigade in memory of Captain F E LaWree who was killed in East Africa in 1895. It is to be used for the maintenance of his grave in Africa and to support Adventure Training within the Regiment. 5. RGJ Management Fund {Restricted). This Fund is managed by the Trustees for investment purposes. The income and capital of the Fund are under the control of the Royal Gen Jackets Association Management Committee for the busine55 of th8 Former Regiment. 6 Ll Management Fund. This fund is managed by the Twstees for investrnent purposes. In 2015 the income and ¢aprtal ol this fund were incorporated into the Rifles Regimental Trust as restncted fund. bul under the Control of the Light Infantry Committee for the business of the former Regiment. Page 3
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 7. RG8 Fund. Th@se funds were moved into the Regimental Trust in January 2021 for investrnent purposes only with the RGBW business being accounted for through their owll charity. In 2023 the Trustees of The RG8W funds asked and it was agreed that the fvnds would be moved under the umbrella of The Rifles Regimental Trust wlh an RGBW management board maintaining oversight and control for the business of the fomer Regiment within th8 guidelines of the Rffles Regimental Trust Deed. Funds Under Managemoflt Elements of the current and forming regiments have deposrf(ed sums with the Trustses to gain benefit from investment in a larger portfolio. As the funds are assets of their own charities, these are "Funds Under Managemenv, for which the Rifles Trustees act as Custodian Trustees. The funds are.. 1. Th9 DDLI Charltles Fund. These investments belong to The Devon and Dorset Light Infantry for their Former Regiment bjsiness and are accounted for through their own charity accounts. 2. 1 Rifles, 2 Riflas, 4 Rlfles, S Rifles, 6 Rifles and 7 Rifies PRI funds.These funds belcng to their respective battalions and are accounted for through their own PRIS wh.ch are charity accounts exempt from registration and controlled by a managing trustee (Thecommanding Officer). Trustees may take into account the level of capital held in such PRI accounts when considering requests from battalions for additional grants. The Rlfles and Light Infantry Somersgt Association.These funds were added in 2020 for investment purposes only with the Regimental busin&s being accounted for through their own charity. All those Funds (Restricted, DeSna and Funds Under Managemenll are invested together with the main Riffles Regimenlal Trust Unrestricted funds wrth a strict record being maintained as to the (aliquot) percentage of the capital and income that belongs to each. Allocation of Grants The Trustees meet annually to consider the budget for th8 followng year and the block grants thal can be made. They will also consider al this time any requests for additional grants. The Trustees a also the Trustees of The Rifles Benevolent Trust who meet quartedy to ratify grants. Such quartedy meetings give the Trustees the opportunity to consider income and expenditure on, and other business of, The Rifles Regirnental Trust and any additional grants that have been requested. Public Benefit The following statements take into a¢¢ount the Charity Commission's guidance on public benefit disclosure. The Trustees are ¢onxious Ihat the use of charitable funds should have an @lement of benefit lo the public. The object of The Rifles Regimental Trust is to promote Ihe efficiency of the Regiment in its widest sense. Grants can. for example, be made lo the serving elements of the Regiment io support activities which Increase the fitness and capability of the seNing soldier. such a5 adventure training, and to activities which help lo estsblish the regimental ethos and culture, such a5 bugling. Grants may also be made to the other pillar5 of the Regiment, such as the Reserve units and the Regimental Associations, to help establish the reputstion of the Regiment throughout the country and particularfy in ils recruiting areas. The existence of the Charty helps to ensure high morale and high standards in The Rifles and thus contributes to the effectiveness of the country's amied forces, which in tum brings tangible beneftts to the public. Public benefit The trustees confinn that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charrtls aims and objectives and in planning future activities. The trustees refer to public benefit throughout thi5 report. Page 4
THE RIFLES REGIMENTAL TRUST REPQRT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Governaneg Lieutenant General Thomas Richardson Copinger-symes CBE took ov8r as Colonel Commandant on 22 March 2023 and was already an existing ex-officio Trustee. The Govemance Sub Committee has again carried out a fvll review of the risks to which the charity might be exposed and improvements have been made to the risk analysis. Income The Care for Casualties Appeal {C4CI, which was launched In March 2010, has been a major contributor of in¢ome to the Charity. Income lo the Appeal. As at 31 December 2016 ils assets were Transferred lo The Rifles Benevolent Trust (Charity No 11190711 and any subsequent income received is transferred lo that Charity on a regular basis including those raised through JustGiving.com. Subscriptions from officers and soldiers under the Day's Pay Scheme have remained steady. During the year, total of £197,229 {£196,622) was subscribed under the Scheme of which represents 600/0 of the income of the Scheme being retsined by The Rifles Regimentsl Trust and the balance of 40D/o being transferred to The Rifles Benevolent Trust. The percentage of all ranks subscribing under this voluntary Scheme has remained around 950/0. In addition, officers subscribed a further £38,256 (£36,582) for officer related activities. An annual review of subscriptions is undertaken and individuals not contributing are identified and encouraged to do so. Grants Grants from unreslri¢ted funds to a total of £60,544 (£39.4171 were made to the five regular and three Reserve battalions as well as the 3 Regimental Bands who received £3,000. Regular Battalions also received a further £20K from Restricted funds and the Reserves a further £10,500 (£9,500). ITC Catterick received £800.00 {£0.00}. Each of the regular battalions receives varying sums based upon their established Strength, this includes funding for their regimental sport. It remains the hope of the Trustees to be able to increase the level of gran15 to battalions in the future. Of the Reserve units, 6, 7 and 8 Rifies received £7,000 (£6,000). Grants totslling £6,983 {£7,1801 were made lo the City and County Offi. Rggimgntsl Expenses Expendrtuie totalling £112.2501£117,9591 was made under the RHQ budget, the laryest amounts being spent on Ihe Regimental Magazine (The Bugle - for which income of £8,0021£4,5031 was recovered from 5alesl, on IT Consultancy and eqLJipmenl. and on insurance. In addition, there was support for such activib.es as freedom and homecoming parades, individual adventu training grants and the Sl Cross Cricket Ground_ No grant was made lo the museum in 2023 pending its joining wth the RGJ museum lo form a new museum representing the Regiment. The cost of providing a ceremonial bugle to those on completion of 22124 years or on commissioning was £18,112 (£15,757) Rffles Dlre¢t In eady 2017 the sale of Rifles Direct to AMMO (All Arms Marketing and Manufacturing Organisatyon) was completed with the Regiment retaining control over the Company and Regimental brands. In 2018 the Regiment continued to receive the agreed income of £8,ODa per annum {payable 1112th each month) which was subsequently increased lo £9,000 per annum and is reviewed against sales bi-annually. The income was used lo clear the original loan to the company of £50,000 which was cleared by the end of 2020. From 2022 a proportion, based on sales to each battalion or Museum (Rifles and RGJI, has been passed onto each element with the balance in 2023 £4.6611£4,4174}, approx. 500A being retained by the Regimental Trust. Rifles Direct eontinues to provide a valuable regimental service. much of which would have to be provided in some form or other and has maintained a worfdwide interest online. future income will be shared with those elements of the Regiment purchasing from Rifles Direct_ Page 5
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Investment report 2023 As at 31 December 2023 The Rifles Regimental Trust had a value of £8,979,285 18533,460}. The investment portfolio at 31st December 2023 was valued al £8,882,391 1£8,379.6901. Thes8 figures included funds held as creditors for the Battalion PRIS and association funds lotslling £1,682,642 (£1,611,5071- 2023 was an incredibly eventtul year in mart(ets, with plenty of forces for investors lo navigate. Economists weren't 8specialty hopeful about 2023 with predictions of recessions littering the worfd's economies. After all, hamper supply chains were driving inflation higher. and central banks were fighting back with economy-bruising interest rate hikes. By most acwunls, stocks should've had a challenging year, yet US and European indexes are closed out the year around all-time highs, while Japan's stocks are al their highest in over four decades. After slgnlficanl losses in 2022, equities troJn¢ad back again in 2023 with Global equities returning +16.4Y over the year1+9.3Ok excluding the magnfficent seven" technology stocks) whilst UK Govemment Bonds retUM +3.7% after a strong end to the year. The wodd's leading tech firms propelled the Nasdaq 100 index to its best year in over a decade, as enthusiasm for Al ouelghed concerns about the effects of higher interest rates In 2023. The seven biggest tech and internet-related stocks - Apple, Mrcrosoft, Aphabet. Amazon, Nvidia. Meta, and Tesla - saw their combined weighting in the S&P 500 rise to a record 290A in November. Investors gravitated toward these companies, betting on their supellor ability lo leverage Al given their huge scale and financial heft. The cohort contributed approximatsly I1}thIrdS of the S&P 500,5 return over the year. The Trust's investments ineased by 6% over 2023. Reserves Pollcy The charity has signifant reseNes which are represented by the listed investrnents and managed funds. The investments are invested for total retum which allows, in addition to the investment income, the drawdown of up lo 10A of capital in any given year, from the unrestricted funds, without detriment to the Trustees Investment Slrategy. This we define as The Alowance. A review took place in late 2021 and a baseline for the Allowance of 3% of the average over 3 years was retsined (including actual investment income) and an additional uplift of 10fi was agreed lo enable the budgetary requirement for 2023 to be met. Going forward for 2024 the Allowance baseline of 30/0 of value is to be retained,. this Gomprises of actual Investment income topped up by a drawdown, if required, from unrestricted funds at7d takes into account substantial antiGipated income for 2023 trom the Antioch Settlemenl £175,001£87,500 in 2022). Rlsk Management The principal risks faced by the Trust lie in the performance of the investments and the ability of the Trust to support its beneficiaries through the making of effecb've grants. Trustees consider that the variety of investments wtth a diversified investment portlolio exercised through the Fund managers, Cazenove Charikn'es, along wth a 'total return" approach. Thls allows a drawdown on capital of 3Y¢, including investment income, plus an uplift factor lo meet budgetary requirements {1 OA for 20231 which is monilored and recommended by the investments sub-committee and helps lo stabilise the income and mitigates the risks as far as is possible. The Trustes will also approve a further drawdowr7 of capitsl were deemed necessary to meet essential demands in support of the Regiment (serving, ftjrmer and antecedent) its Riflemen and their dependents. However, in order to meet any extraordinary demands placed upon it a reassessment of Ihe level cf grants awarded takes plaoe at their January meeting each year wth any adjustment necessary being made to ensure the long-temi ability to SUPFK)rt the Regimental family. Page 6
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Key management Personnel Remunoratlo The Trustees consider the board of Trustees and The Rifles Regimental Secretsry (also a Trustee) and The Riffes Secretary Finan as the Key management personnel of the charity. All Trustees gwe of their time freely and are not remunerated for their time spent on work on behalf of the charity. The day-lo-day management is invesleé in other senior representatives in RHQ The Rifles who are employed and salaried by The Ministy of Defence. Remuneration of the Regimental Secretary as a Trustee has been approved by the Charity Commissioners and the sum, along with any other ex gralia awards to the other senior representatives of the RHQ Staff are approved by a special meeting of Trustees held ev9ry 3 years. Al awards are made annually and are scrutinised and approved by the Remunerations Sub-committee. The Remunerations Sub-commillee also screens any other ex gratia awards recommended by The Regimentsl Secretary for other members of the RHQ staff from an agreed budget. Payment of awards will generally be paid in December of each year. Declaration of any related party issues are contained as appropriate in the audf(orfs notes. In assessing the awards Trustees assess against performance as there is no benchmark with which to compare the ex-gralia payments. Trustees are also required to disclose all relevant interests in connection with any grant application and in accordance with the Trust's policy withdraw from decisions where any conflict of interest arises. There has been no such conflict in the current year. ASSETS HELD AS CUSTODIAN FOR OTHERS Upon formats'on of The Rifles and transfer of funds from the fomiing Regiments, the Trustees of The Rifles Regimental Trust became de-facto custodian Trustees on behalf of the Regiment for those Chattels (silver, pictures and furnrture} which were transferred lo The Rifle5 having previoLtsly been in the care of the Forming Regiments. The Trustees, responsibility is lo ensure that insurance cover Iworldwidel continues to be maintained and that checks and safeguards are in place to accoLtnl for the chattels. These chattels are not carried al any valLse in the accounts of The Rifles Regimentsl Trust as no cost was incurrèd in their acquisition. The day-lo-day control of property on loan or gifted to the Regiment 15 part of the role of RHQ through the Regimental Secretary and the Propety Manager who also looks after Green Jacket Close. The control and direction of any disposal of property rests with The Rifles Council andlor with representatives of the Former Regiments who have retained that responsibility. Chattels are distributed to and located with each of the Battalions, at RHQ, and various other locations of regimental importance The database of Regimental Chattels ¢ontinues to be developed, inclLJding the location of each item. This bringing together of property was completed in 2018 and involves the property of The Light Infantry and the Royal Green Jackets which were transferred upon formation of the Rifies in 2007, followed by the propety of the Devon and Dorsel Light Infanty which was Iransferre(l in 2015 and finally that of the Royal Gloucestershire Berkshire Wiltshire Light Infanty which were transferred in 2018. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. Page 7
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Background and StTUGture The Charity was established by a Trust Deed approved by the Charity Commis5i0n dated 1 April 2007. It was formed tr) manage the benevolent funds of the nY formed regiment, The Rtfies, which had been created on l February 2007 by the merger of The Devonshire and Dorset Light Infantry IDDLII. The Light Infanty ILI), The Royal Gloucestershire, Berkshire and Wiltshire Light Infanty IRGBWLI) and The Royal Green Jattkets IRGJ), including their Territorial and Volunteer Units. These are the 'Forming Regiments, and the Trust is sufficiently widely drawn to be able to help not onty serving and former members of the Regiment (The Rifles) but also of the Fomiing Regiments and of Iheir various Antecedent Regiments, including Reserve units. The ObJ'e¢ts of the Trust are to lIeVe serving or fomier members of the Regiment or former members of the Forming Regiments or the dependants of such persons who are in need by virtue of financial hardship, sickness or old age. Since the Trust can support form8r members of the Forming Regiments, the Trustses of those Regiments have transferred into the Trust the money that they were previously managing for their own benevolent purposes. Funds can be 'Ting fenced, in Restn'cted funds for specific purposes if necessary. The Regimental Trustees are the Finance Committee of The Rifles Council, the governing body of the Regiment. They are Trustees for all three of the Regimental Charities.. The Rifies Regimental Trust, The Rifles Benevolent Trust and The Rifles Officers, Fund, the business of which is conducted al the same meetings of Trustees. Govemance There are up lo evJht (Gurffntly six) ex-officio Trustees, being the Colonel Commandant, Deputy Colonel Commandants and other senior serving offirS of the Regiment. In addition, there are up to 1ve (currently nine) Nominated Trustees the majority of whom have specific skills such as in the investment or legal fields and others have commanded battalions of The Rifles or of Forming Regiments. A Nominated Trustee rnust be an officer or warrant offi'cer. or former offir 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 taken to ensure representation from each of the Former Regiments. Nominated Trustees a elected for terms not exceeding four years and may be re-elected for a maximLtm of 4 terms. Relections are rotational and take place annually normally at the April Trustees meeting. In 2023 General Sir Patrick Saunders KCB CBE DSO ADC Gen Lieutenant Colonel (Reliredl John Poole Warren MBE and Mr Andrew Jackson retired without replacement. Mr Jeremy Archer and Mr Oliver Marsh agreed lo conb'nue as Trustees and were retected. Meetings of the TNstees are held quartedy, normalw in January, April, July and October. Governanco (Continued) The Trustees have a Nomination Sub Committee which, annually and when a vacancy oceurs, considers suitable candidales lo reinforce the skills or representation of the Trustees and proposes candidates to The Rffles Council for nomination_ New nominated candidates. as well as Nominated Trustees seekirig re£lection, are elected by the Trustees at the Spring (second) meeting each year. New Nominated Trustees are briefed by the Chairman of Tmstees and on appointment are given an induction pack of background information on each of the Regimental Charities, Including copies of Trust Deeds, annual aoUnts and minutes of recent meetings, and a copy of Charity Commission booklet'Responsibilities of a Charity Trustee,. Training through Seminars eic. is made available for all Trustees. Other Sub Committees, to cover th8 work ef all The Rifles Charities. have been formed for Governance, Finance, Grants, Remuneration and Investment. In addition, there is a Homes Sub Committee to manage properties (Green Jacket Close) owned by The Rffles. The Nomination Sub-committee annually review$ the membership of Sub Committees to ensure that Trustees use their skills appropTiately and gain experience from the work of such Sub Committees. Page 8
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT The ri5k5 to which the Charity is vulnerable are reviewed annually by the Trustees after detailed work by the Governance Sub Committee. The Trustees consider the major risks to which the Charity could be exposed and review the systems established to mitigate such risks. They are not aware of any irregularities, including fraud, involving management or employees of the Charity. nor are they aware of any instances of actual or POS5ible non-compliance with laws, regulation5, contracts or agreements thal might result in the Charity suffering significant penalb'es or other loss. In 2016 a major fraud attack was perpetrated on the Trust which, whilst detected and all monies fully recovered, identified a potential weakness in syglems. These were immediately rectified to prevent any such future occurrence. The attempt was reported to the Police fraud unit as well as the Charity Commissioners. In 2015 by unanimous agreement of the Trustees basic bookkeeping of all the Regimental Trust Aceounts was outsourced lo a firm of professional bookkeepers in Gloucestershire, The Trust Partnership. The sixth full year of independent operation in 2020 incurred costs of £4.9901£ 5.091) once again below the estimated cost and the liaison befften Regimental Headquarter5 and Trust Accounting continues to develop with an excellent seNice being provided. Page 9
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1119061 Principal address RHQ The Rifles Peninsula Barracks Romsey Road Winchester Hampshire S023 8TS Trustees General Sir Patrick Nicholas Yardley Monrad Saunders KCB CBE DSO ADC Gen - Retired 22 March 2023 Lieutenant General Thomas Richardson Copinger-symes CBE Lieutenant General Chades Seymore Collins DSO OBE Maj General Thomas Howard Bewick OBE Major General Daniel Reeve MC Brigadier Mark Christian Peter Wilson MBE Colonel Ralph Graham Arundell Colonel Ashley Raymond Fulford OBE Colonel Nikola Ilic MBE QGM Lieutenant Colonel Peter James Aexander Balls OBE Lieutenant Colonel John Alexander Poole-warren MBE - Retired 25 January 2024 Lieutenant Colonel Simon David Gray MBE Captain Robert Gribble Jeremy Michael Archer Simon ChaHes Hazlitt - Chaimian Andrew George Wycliffe Jackson - Retirèd 26 January 2023 Rebecca Chadotte Maciejewska Oliver Rupert Marsh Henry Charles Steel The offices of the Charity are based in the Regimental Headquarters of The Rifles which is an MOD establishment and the officials are civil servants employed by the MOD- therefore, neither workspace nor staffing illcur any cost to the Charity. Throughout 2a23 the person responsible for the day to day running of the Charity was The Rifles Regimental Secretary and Trustee, Lieutenant Colonel (Retired) PJA Balls OBE assisted throughout the year by The Rifles Secretary Finance, Captain (Retired) I l Foster. Auditor8 Morris Crocker Limited Chartered Accountants Registered Auditors station House North Street Havant Hampshire P09 1QU Bankers Royal Bank of Scodand plc Holt's Military Banking 200 Fovler Avenue Farnborough Hampshire GU14 7JP Page 10
THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Solicitors Blake Morgan New Kings Court Tollgate Chandlerf5 Ford Eastleigh S053 3LG Inveslm#nt Managgrs Cazenove Capitsl Management 1 London Wall Place London EC2Y SAU STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Twstees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi¢e}- The law applicable to charities in England and Wales, the Charities Act 2011, Charity {Accounts and Reports) Regulations 2008 and the provisions of the trust deed requiffs the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charity for that period. In preparing those ffinancial statements, the trustees are required to select suitable accounting policies and then apply them consistenlty., obseNe the methods and principles in the Charity SORP- make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any materlal departures disclosed and explained in the financial 5tatements', prepare the financial ststements on the going concern basis unless it is inappropriate lo presurne that the charity will continue in business. The trustees are responsible for keeping proper accounb'ng records which dis¢lose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the Injsl deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps ft)r the prevention and detection of fraud and other itregLJlarilies. Approved by order of the board of truste8s on . and signed on its behalf by.. S C Hazlitt- Trustee Page11
REPORT OF THE INDEPENDENT AuorroRS TO THE TRUSTEES OF THE RIFLES REGIMENTAL TRUST Oplnlon We have audited the financial statements of The Rifles Regimental Trust (the 'Gharity'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United ngdoM Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements-. gEve a true and fair view of the stsle of the charity's affaSrs as at 31 De¢ember 2023 and of its incorning ources and application of resources, for the year then ended.. have been property prepared in accordance wth United Kt'ngdom Generally Accepted Accounting Pra¢ti¢e', and have been prepared in acGordan¢e with the requirements of the Charities Act 2011. Basis for oplnlon We conducted our audit in accordance wth Intem8tional Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilitie5 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Concluslons rolating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identi)led any material uncertainties relating to events or conditsons thal. individualty or collectively, may cast significant doubt on the charity's ability to ¢ontinue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trustees wEth respect to going concern are described in the relevant sections of this repoTt othor Infomiation The trustees are responsible for the other information. The other information comprises tre information included in (he Annual Report, other Ihan the financial 5tstements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the cther infomation and, except to the exlent otherwise explicitly ststed in our report, we do not express any form of assurance con¢lusion Ihereon. In connection wth our audit of the financial statements, our responsibility is lo read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idents'fy such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 8 material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that the Is a material misslatemenl of this other infomalion, we are required lo report that fact. We have nothing to port in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports} Regulations 2008 requires us lo report to you if, in our opinion.. the infoffnation given in the Report of the Trustees is inconsistent in any matenal respect wth the financial statements.. or sufficient accounting records have not been ke or the financial statements are not in agreement with the accounting records and relurns., or we have not received all the information and explanations we requi for our audit. Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RIFLES REGIMENTAL TRUST Re5ponslbilitles of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the trustees determine is necessary lo enable the preparation of financial staternents that are free trom material misstatement, whether due to fraud or error. In preparing the finan¢ial slatemenls, the trustees are responsible for assessing the charitys ability to conb'nue as a going ¢on¢ern, disclosing, as applicable, matter5 related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or lo cease operations, or have no realistic a5ternative but to do so. Our responsibilities for the audlt of the flnancial statements We have been appointed as auditors under Section 144 of the Charitles Act 2011 and in accordance th the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtsin reasonable assurance about whether the financial ststements as a ithole are free from material misstatement, whether due lo fraud or error, and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI wll aknys delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expec lo influence the economic decisions of users taken on the basis of these financial stalernent5. From discussion with management and those charged wth governance infomation about the entity is documented to assess the acb.vily within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concem_ Based on these discussions and our own as5essment5 we determined that the key risk areas were income recognitmjn in respect of cut off issues and managernent override concerning the size of the organisatian. We set financial statement materiality level based on the level of income. As a not for profit organisalion raising incomè is its primary focus which is why income wa9 used lo detemiine the level of materiality. Our overall assessment of risk was used lo detemiine performance materiality al an appropriate level. Subslanlive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Subslantive testing tested a sample of the population. representative of the population, lo identtfy errors. The testing did not identify any material misstalemenls in areas tested. Audit substantive tests concluded no material errors over the key risk areas of income recognition and management overridè. The audit considers the organisation 15 not exposed to material risk of eor as a result of assessing laws and regulations that are appropriate lo the organisalion. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporb'ng Council's website al www.frc.org.ukJaudilorsre5ponsibilities. This description forms part of our Report of the Independent Auditors. Page 13
REPORT OF THE INDEPENDENT AUDITORS TO THE TRU8TEE8 OF THE RIFLES REGIMENTAL TRUST Uge of our report This report is made solely to the charivs trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audrt work has been undertaken $0 that we might state to the charty's trustees those matters we are required to state to them in an auditors, report and for no other purpose, To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for our audit work, for this report, or for the opinions we have fomied. Morris Crocker Limited Chartered Accountants statutory Auditors Station House North Street Havant Hampshire P09 1QU Date.. Page 14
THE RIFLES REGIMENTAL TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Investments 12 8,882.391 8,379,732 CURRENT ASSETS Debtors Cash al bank and in hand 13 63,086 71,763 62,929 132,123 134,849 195,052 CREDITORS Amounts falling due within one year 14 152,811) 141,3241 NET CURRENT ASSETS 82,038 153,728 TOTAL ASSETS LESS CURRENT LIABILITIES 8.964.429 8,533,460 CREDITORS Amounts falling due after more than one year 15 {1,682,6451 11,611.507) NET ASSETS 7,281,784 6,921,953 FUNDS Unrestricted funds Restricted funds 17 5,046,847 2,234,937 4,608,417 2,313,536 TOTAL FUNDS 7,281,784 6,921,953 The fin ncial s ments were approved by the Board of Trustees and authorised for issue on . and were signed on ils behalf by.. S C Hazlitt- Trustee The notes fomi part of these frnancial statements Page 16
THE RIFLES REGIMENTAL TRUST STATEMENT OF FINANCtAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total fvnds 2022 Totsl funds Unrestricted funds Restricted nds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 459,672 1,250 460,922 987,464 Other trading activitiès Investment income 8,002 97,327 8,002 141,923 4,503 111.458 44,596 Total 565,001 45,846 610,847 1,103,425 EXPENDITURE ON Raising fvnds 36,219 8,949 45,168 42,821 Charitable actfvitles General Battalions, Reserve Forces, ITC Coy and AFC Harrogate grants City and county office grants Officers fund Lawrence Bequest Fund RGJ managementfund Hatton bequest fund RGBW FUND 5 M RGJ Trust Fund Light Infantry Management Fund Museum Grant 244,798 244,798 162,871 39,417 7,189 39,085 20,000 86,288 40,278 40,278 20,000 45,906 800 118,889 10,500 14,241 20,000 45,906 800 118,889 10,500 9,500 13.357 25,000 14.241 Total 331,795 208,785 540,580 445,528 Nel gainslllosses) on investments 205,224 84,340 289,564 1483,5881 NET INCOMEIIEXPENDITURE) 438,430 178,5991 359,831 174.309 RECONCILtATION OF FUNDS Totsl funds brought fOard 4,608,417 2,313,536 6,921,953 6,747,644 TOTAL FUNDS CARRIED FORWARD 5.046,847 2,234,937 7.281,784 6,921,953 The notes form part of these financial statements Page 15
THE RIFLES REGIMENTAL TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flow¥ from opgrating actÉvitlos Cash generated from operdb.ons 46,580 {176,581) Net cash provided byllused inl operating activites 46.580 {176,581) Cash flows from Inve8tlng actlvltles Purchase of fixed asset investments Sale of fixed asset investments Interest received Dividends received 12,296,492} 2,047,629 1,533 140,390 12,269,888) 2,369,847 281 111,177 Net cash Iu5ed inllprovided by investing activities (106,940) 211.417 Chang8 in cash and cash equivalgnts In the reporting period Cash and cash equivalents at thg beginning of the reporting perlod 160,360) 34.836 132,123 97.287 Cash and cash equivalents at the end of the reporting period 71.763 132,123 The notes form part of these financial statements Page 17
THE RIFLES REGIMENTAL TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTMTIES 2023 2022 Net income for th& reporting perlod las por tho Statomont of Flnanclal Activities) Adjustments for: (Gainlllosses on investments Interest received Dividends re¢eNed Increase in long term liabilities Increase in debtors Increaselldecrease) in creditors 359,831 174,309 {253,796) {1,533) I140.3) 71,137 (157) 11.488 662,441 {2811 (111,1771 (869,7311 (13,9291 118,213) Net cash provided byllusgd In} operatlon$ 46.580 (176,581) ANALYSIS OF CHANGES IN NET FUNDS At1.1.23 Cash Ilow At31.12.23 Net cash Cash at bank and in hand 132,123 (eO,360) 71,763 132,123 {60,360) 71,763 Total 132.123 (60,3601 71.763 The notes form part of these financial statements Page 18
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing tho financial statements The finaneial statèments of the charity, which Is a public benefit entity uncler FRS 102, have been prepared in accordance wth the Charities SORP IFRS 102) 'Ac¢ounting and Reporbng by Charities.. Statement of Recommended Practi* applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and RepubllG of Ireland (FRS 102) leffects've 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charthes Act 2011. The financial statements have been prepared under the historical cost convention, wlh the exception of investments which are included at market value, as modified by the revaluation of certain assets. IncoTne All income is recognised in the Statement of Financial Aclivits'es once the charty has entitlement to the funds, it is probable that the income will be r1Ved and the amount can be measured reliably. Exp9ndituro Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditu, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be direcdy attributed to particular headings they have been allocated lo activities on a basis consistent with the use of resuurces. Grants offered subject to condrtions which have not been met al the year end date are notsd as a commitment but not accrued as expenditure. Taxatlon The charity is exempt from tax on its charitable activities. Fund aceountlng Unrestricted funds can be used in accordance wth the charitsble objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes wthin the objects of the charity. Restllctions arise when speCifd by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purFK)se of each fund is included in the notes lo the financial slatements. The charity only ever enters into basic financial instruments transaction5 that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans related to parties and investments in non-puttable ordinary shares. Trade and other debtors Short term debtors are measured al transaction price, fess any impairment. Loans receivable are measured initially at fair value, net of transaction cost, and are measured sUbseqUenY at amortised cost using the effective interest method. less any impairment. Cash and cash equlvalents Cash and cash equivalents comprise cash and bank and on hand, ¢Jeposils with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown wtthin borrowings or current liabilities, Tradg and other creditors Page 19 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued Short term trade creditors are rneasuRd at the transaction price. Olher financial liabilib'es, including bank loans, are measured inthally at fair value, net of transaction costs, and are measured subsequenty at amortised cost using the effective interest method. Reallsedlunrealised galns and 1088es All gains and losses are taken to the statement of financial actNities as they arise. Realised gains and losses on investments are calculated as the difference beeen sale proceeds and opening market value or purchase date if later. Unrealised gains and losse5 are calculated as the difference between the market value al the end of the year and opening market value, or purchase dale if later. Realised and unrealised gains are not separated in the statement of financial activities. DONATIONS AND LEGACIES 2023 Total funds 2022 Total funds Unrestricted Restricted funds funds Donalionl Legacies Subscriptions (Riflemen and Officers) Subscriptions (Officers) Book sales Sale of assets and other items 224,187 197,229 38.256 988 225,175 197,229 38,256 262 95,144 196,622 36,582 1,111 658.005 262 459,672 1,250 460,922 987.464 OTHER TRADING ACTIVITIES 2023 Total funds 2022 Total funds Unrestricted Restricted funds nds Magazine income 8,002 8,002 4,503 INVESTMENT INCOME 2023 Total funds 2022 Total funds Unrestricted Restricted funds fijnds Dwidend and Trite$1 Deposit account interest 95,794 1,533 44,596 140,390 1.533 111,177 281 97,327 44,596 141,923 111,458 All investment income is derived from assets held in the Unlted lfjngdom. Page 20 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continugd FOR THE YEAR ENDED 31 DECEMBER 2023 RAISING FUNDS Raising donalions andlggacles 2023 Total funds 2022 Total funds unreStted funds Restricted funds Regimental magzine 16,929 16,929 15,816 Invostmont management costs 2023 Total funds 2022 Total funds UnrestCted Restrict funds funds Portfolio management 19,290 8,949 28,239 27,005 Aggregate amounts 36,219 8,949 45,168 42.821 CHARITABLE ACTIVITIES COSTS Grant funding of activities (See note 71 Support costs (see note 81 Direct Costs Totals General OfFicers fund Lawrence Bequest Fund RGJ management fun Hatton bequest fund RGBW FUND 5 IW RGJ Trust Fund Lht Infantry Management Fund 112,632 28,392 69,891 11,886 20,000 45,292 800 118,889 10,500 14.241 62,275 244,798 40,278 20,000 45,906 800 118,889 10,500 14,241 195 419 141,219 291,499 62,694 495,412 GRANTS PAYABLE 2023 2022 General Battalions, Resewe Forces, ITC Coy and AFC Harrogate grants City and county office grants Officers fund Lawrence Bequest Fund RGJ management fund Hatlon bequest fund RGBW FUND 5 IVI RGJ Trust Fund Light Infanty Management Fund Museum Granl 69,891 345 39,417 7,189 14,173 20.000 86,044 11,886 20,000 45,292 800 118,889 10,500 14,241 9,500 13,260 25,000 291,499 214,928 Page 21 continued...
THE RIFLES REGIMENTAL TRUST frJOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 GRANTS PAYABLE - contlnued The total grants paid to institutions during the year was a5 follow5.. 2023 2022 RGJ Museum Trust grant Hatton bequest fund Winchester- general RHQ grant Officers Lawrance grant RGBW Light Infantary 5 (VI RGJ 45,292 800 120.544 270 46,681 14,173 20,000 69,5 11,886 20,000 118,889 14,167 10.5CN) 291.499 201,688 SUPPORT COSTS Govemance costs Management Finance Totals Gener81 RGJ management fund 54,297 26 7,952 419 62.275 419 54,297 26 8,371 62.694 Support costs, included in the above, are as follows.. Managomgnt 2023 2022 Total activities General Staff honoraria Insurance Regimental Secretsry expenses Repairs and maintenance Postage and stationery Publications IT admin support and equipment Membership and subscriptions Accountancy Bank charges Interest payable 14,498 7,D56 10,500 7,056 140 12,969 314 (61))) 1,987 175 5,091 15 7,796 680 74 10,314 4,990 8,889 54.297 37,647 Page 22 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS-continued Finance 2023 2022 Total activities General Bank charges 26 Governanc0 costs 2023 2022 RGJ management fund Total actwities Total activities General Meeting c051s Auditor5 remuneration 704 7,248 419 1,123 7,248 321 6,600 7,952 419 8,371 6.921 TRUSTEES. REMUNERATION AND BENEFITS Thère were no trustees. remuneration or other beneffits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trust99s' exponses During the year nil Irustees12022= nil) were reimbursed out of pocket expenses totalling £nil 12022.. £nil). 40. STAFF COSTS 2023 2022 Wages and salaries 19,500 17,500 19,500 17,500 The average monthty number of employees during the year was as follow5.. 2023 2022 Staff No employees received emoluments in excess of £60,000. Page 23 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Resthcted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 328,6SO 658,804 987,464 other trading activities Investment income 4,503 81,429 4,503 111,458 30.029 Total 414,592 688.833 1.103,425 EXPENDITURE ON Raising funds 35,530 7,291 42,821 Charltablo activitl General Battalions, Reserve Forces. ITC Coy and AFC Harrogate grants City and county office grants Officers fund Lawrence Beqvest Fund RGJ management fund 5 IV) RGJ Trust Fund Light Infanty Management Fund Museum Grant 43,225 119,646 162,871 39,417 7,189 39,085 20,000 86,288 9,500 13,357 25.000 39.417 7.189 39.085 20,000 86,288 9,500 13,357 25,000 Total 318,591 126,937 445,528 Net g8insl(lossesl on investments 1354,1011 1129,487) {483,588) NET INCOMEI<EXPENDITUREI {258,1001 432,409 174.309 RECONCILIATION OF FUNDS Total funds brought foNard 4,866,517 1,881,127 6,747.644 TOTAL FUNDS CARRIED FORWARD 4,508,417 2,313,538 6.921,953 Page 24 oontnued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 12. FIXED ASSET INVESTMENTS Shares in group Listed undertakings investments Totals MARKET VALUE At 1 January 2023 Additions Disposals Revaluations 100 8,379,632 8,379,732 2,296.492 2,296,492 12,048.492) (2,048,492) 254,659 254,659 At 31 December 2023 100 8,882.291 8,882,391 NET BOOK VALUE At 31 December 2023 100 8,882,291 8,882,391 At 31 December 2022 100 8,379,632 8,379,732 Investments are held in a portfolio managed by Schroders. The market value of inv8Stments by geographical area is as follows.. 2023 2022 Held inside the United Kingdom Held outside the United Kingdom 2,723,429 6,158.862 3,026,053 5,353,579 8,882,291 8,379,632 Cost or valuation at 31 December 2023 is represenled by.. Shares in group Listed undertakings investments Totals Valuation in 2023 C051 254,659 8,627,632 254,659 8,627,732 100 100 8,882,291 8,882,391 13. DEBTORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 2023 2022 Other debtors 63,086 62,929 Page 25 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2023 14. CREDrroRS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors 52.811 41,324 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 DDLI Charities 1 Rifles PRI 2 Rifles PRI 4 Rifles PRI 5 Rifles PRI 6 Rifles PRI 7 Rifles PRI Rifles & LI Association Somerset 795,300 114,348 213,806 57,044 86.840 42,598 168,037 224,672 762,661 109,389 204,531 54.569 83.940 40,748 160,747 214,923 1,682,645 1,611,507 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Tolal funds 2022 Tol funds Unrestricted funds Restricted funds Investments Current assets Current liabilitie5 Long tern liabilities 5,053,169 46,670 {52,992) 3,829,222 8.882,391 8,379,732 88,179 134,849 195,052 181 152,8111 141,3241 11,682,64SI 11,682,645) 11,611,507) 5,046,847 2,234,937 7,281,784 6.921.953 17. MOVEMENT IN FUNDS Net movement in fvnds Al 31.12.23 At1.1.23 Unrestricted fund8 5 IVI RGJ Trust Officers fund RHQ 131,843 34,302 4.442,272 (3,3671 207 441,590 128,476 34,509 4,883,862 4,608,417 438.430 5.046,847 Reslrtcted funds RGJ management Fund Hatton bequest fvnd Lawrence bequest fund RGBW Fund Light Infantary {Rl 1.127,584 41,069 368,324 658,005 118,554 18.026 1,131 29 {90,875} (6,910) 1,145,610 42,200 368,353 567,130 111,644 2.313,536 {78,599) 2,234,937 TOTAL FUNDS 6.921.953 359,831 7,281,784 Page 28 contr'nued...
THE RIFLES REGIMEKfAL TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS- continued Net movement in fiJnd5, included in the above are as follows- Incoming resources Resour¢es expended Gains and losses Movement in funds Unrestrfcted funds 5 IVI RGJ Trust Officers fund RHQ 2,487 40,485 522,029 111.0001 (40.2781 {280,5171 5,146 (3,3671 207 441.590 200,078 565,001 (331,7951 205,224 438,430 Restricted funds RGJ management Fund Hatton bequest fund Lawrence bequ8St fund RG8W Fund Light Infantary {Rl 22,766 712 7,341 11,577 3,450 (50.4691 (9421 (21,4671 (121,2261 (14,6811 45,729 1,361 14,155 18,774 4,321 18,026 1,131 29 {90,8751 (6,9101 45,846 (208,7851 84,340 {78,599) TOTAL FUNDS 610,847 (540,5801 289,564 359.831 Cornparativos for rnovement In funds Nel movement in funds At 31.12.22 Atl.1.22 UnrestTiCted funds 5 IV) RGJ Trust Officers fund RHQ 149,171 36,805 4,680,541 (17,328) 12,503) 1238,269) 131,843 34,302 4,442,272 4,866,517 1258,1001 4.608,417 Restricted funds RGJ management Fund Hatton bequest fund Lawrence bequest fund RGBW Fund Lh1 Infantary (Rl 1.286,602 43.508 412,246 1159,018) 12,439) {43,922) 658,005 {20,21n 1,127,584 41,069 368,324 658,005 118,554 138,771 1,881,127 432,409 2,313,536 TOTAL FUNDS 6,747,644 174,309 6,921,953 Page 27 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS - conunued Comparat've net movement in fvnds, included in the above are as follow5.. Incoming resource Resources expended Gains and losses Movement in funds Unrestrlctfrd funds S IV) RGJ Trust Officers fund RHQ 2,380 36,582 375,630 110,07n 139,0851 1269,4291 19,631) (17,3281 12,5031 {238,2691 1344.470) 414,592 (318,5911 1354,101) {258,100) Restrlcted funds RGJ management Fund Hatton bequest fund Lawrence bequest fund RG8W Fund Light Infantary IR) 21.092 668 6,553 658,005 2,515 191,335) 1162) (21,592) 188.775) 12,9451 128,8831 (159,0181 {2,4391 (43,9221 658,005 {20.217} {13,8481 18,8841 688,833 (126,9371 1129,4871 432,409 TOTAL FUNDS 1,103,425 {445,5281 1483,588) 174.309 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.12.23 At1.1.22 Unrestri¢tod funds 5 IV) RGJ Trust Officers fund RHQ 149,171 36,805 4,680,541 120,6951 {2,2961 203,321 128,478 34,509 4,883,862 4,866,517 180,330 5,046,847 Restrlctgd funds RGJ management Fund Hatton bequest fund Lawrence bequest fund RGBW Fund Lht Infantsry (Rl 1,286,602 43,508 412,246 {140,9921 11,3081 (43,8931 567,130 {27,127} 1,145,610 42,2CM) 368,353 567,130 111,644 138,771 1,881,127 353,810 2.234,937 TOTAL FUNOS 6,747,644 534,140 7,281,784 Page 28 continued...
THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS - continuod A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds 5 IVI RGJ Trust Officers fund RHQ 4,867 77,067 697,65g {21,0771 {79,363) {549,946) 14,4851 (20,695) (2,296) 203,321 (144,3921 979,593 {650,3861 (148,8771 180,330 Restricted funds RGJ management Fund Hatton bequest fvnd Lawrence bequest fund RGBW Fund Light Infantary (Rl 43,858 1,380 13,894 669,582 5,965 1141,8041 (1,1041 143,0591 1121,2261 128,5291 (43,0461 (1,5841 114,7281 18,774 14.563} 1140,992} (1,308} 143,893) 567,130 127,127) 734,$79 1335,722} {45.147) 353,810 TOTAL FUNDS 1,714,272 1986.108) 1194,024) 534,140 18. RELATED PARTY DISCLOSURES The Rifles Benevolent Trust and The Rifles Officers Fund are both related parties of The Rifles Regimental Trust as all three Charities have the same board of Tru5tee5. During the year The Rifles Regimental Trust transferred £132,122 {2022.' £131,299) to The Rifl8S Benevolent Trust for Regimental Subscriptions and £51,035 (2022.. £51.6051 for donations that are received into The Rifles Regimental Trust, but due to The Rifles Benevolent Trust. The Rifles Benevolent Trust reimbursed The Rifles Regimentsl Trust £29.35712022'. £25,750) for IT costs patd on their behalf. Tre Rifles Regimental Trust salaries are paid through The Rifles Benevolent Trust. During the year The Rifles Regimental Trust transferred £17,500 12022.. £17,500) to The Rifles Benevolent Twst for salaries. At the year end The Rifles Regimental Trust owed The Rrfles Benevolent Trust £nil (2022. £19,994). The charity is partFy administered by employees of the Ministry of Defence. In addition, the charity also makes use of office space and other office facilities provided, including computer equipment, postage and stationery. These support costs are diffi'cult lo quantify as they are not discrete activities because personnel and office facilities are used for other Amiy duties. As such the value of support provided by the Ministry of Defence has not been included in Ihe Charity's Statement of Financial Activities. Page 2S
THE FUFLES REGIMENTAL TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Donatlons andlggacies Donationl Legacies Subscriptions (Riflemen and Officers) Subscriptions IOffic&rs) Book sales Sale of assets and other items 225,175 197,229 38,256 262 95.144 196.622 36.582 1.111 658,005 460,922 987,464 other tradlng actlvlllgs Magazine income 8,002 4,503 Investment income Dividend and interest Deposit account interest 140.390 1,533 111.177 281 141,923 111,458 Total incomlng rosources 610,847 1,103,425 EXPENDITURE Raising donations and legaclgs Regimental magzine 16,929 15,816 Investment management costs Portfollo management 28,239 27.005 ChaTitsble a¢tlvltles Wages Honour board elc Wreaths and remembrance Travel expenses (Regional Col. and Advisory Board) Presentations Equipment maintenance and repairs Events Reunion costs Grants to institutions 19,500 55,247 12,261 17,500 48,720 9.775 938 10.570 1,291 21,022 300 38,003 6,600 214,928 18,262 24,441 291,499 432.718 358,139 Support costs Management Staff honoraria Insurance Regimental Secretary expenses Repairs and maintenance Carried forward 14,498 7,056 10,500 7,056 140 12,969 30,665 7,796 29,350 This page does rt form part of the statutory financial statements Page 30
THE RIFLES REGIMENTAL TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Management Brought forward Postage and stationery Publications IT admin support and equipment Membership and subscriptions Accountancy Bank charges Interest payable 29,350 680 74 10,314 30,665 314 {6001 1,987 175 5,091 15 4,990 8.889 54.297 37,647 Finance 8ank charges 26 Governance costs Meeting costs Auditors remuneration 1,123 7,248 321 6,600 8.371 6,921 Total resources expended 540,580 445.528 Net Income before galn8 and1088e8 70.267 657,897 Roalisgd rgcognisgd gains and loss8s Realised gainslllosses} on fixed asset investments 289,564 1483,588) Net Incomg 359,831 174,309 This page does not form part of the statutory flnancial statements Page 31