REGISTERED CHARTfY NUMBER: 1119061 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 21124 FOR THE RIFLES REGIMENTAL TRUST THE RFLES REGIMENTAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Report of the Trustees 1 to 10 R•port ol the lftdependent Audit(ws 11 to 13 Statement of Financlal Activilks 14 Balance Sheet 15 16 Notès to the Cash Fl•x Stalomeftt 17 Not•s to the Flnancial Stalem•nts 18 10 29 THE RFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees presenl their rewrt the financia statements of the charity ts the year ended 31 December 2024. The trustees hav8 adopted the provisions of Acwjnting and Reporting by Charities: Statemerrt of Recommended Praclico appllcable to charities preparing Iheir accounts in accordance wAth the Financial RepoTting Standard applicabl8 In the . UK and RepukAic of Ire￿nd (FRS 102) (effective 1 January 2019). STRUCTURE, GOVERNANCE AND MANAGEMEKr Background and Structure The Charily was established by a Trust Deed approved by the Chaiity Commkssion dated 1 Aprl 2007. It was formed to rnanage the benevolent fijnds of the newly fo￿ed regimen( The Rrfles. whith'had been created on 1 February 2007 by the rnerger of The Devonshire and D(xset Light Infanty {DDLI). The knght Infanty (Ll). The Royal Gloucestershire. Berkshire and Wiltshire Ltglrt Inlanlry (RGBWLI) and The Royal Green Jackets (RGJ). induding their TerritQTial and Volunteer Units. These are the.'Forming Regiments, and the Tnjst is suffiaently widely drawn to be able to help not only serving and fomier members of Ihe Reglment Tr Rines) b.ul also of the Forming Regiments and of thelr various Antscedent R8glments. induding Reserve units. The R8giinentsl Trustees are the Finance Committee of The Rifies Councll. the goveming body of the Reglrnent. They are Trustees fly all three of the Regimental Charilie5: The Rifies Regimenta5 Twst. The Rffles Benevolent Trust and The Rifles l)fficers' Fund. the business of whith is conduded at the same meetings ofTrustees. Goveman¢e There are up to eight (currently su) ex-Off￿10 Trustees. belng the Colonel Commandant. Deputy Colonel Commandants and other senior s8Nng off￿eTs of the R￿lmenL In 8ddilton. there are up to tsvelve (currently nine) Nominated Trustees Ihe majority of Nvhom have specific skllb such as iri the inveslment or legal fields and other5 have commanded battalions ofThe Rille$ or of Eoming Reglments. A Nominated Trustee must be Sn offi￿r or warrant officer, or f0rn18r officer or warrant Offi￿r. of the Regiment or of a FomiirwJ Regiment and may indude a wife or widow of such. In maknng 8uch appoinlments care is taken to ensure representstion from each of the Former Regiments. Nominated Trustees are elected for tems not eX￿rtIng four years and may be revdecled for a maximum of 4 terms. Re-elections are rotational and take place annualty normally at Ihe April TnJste8s meeting. In 2024. Lleutenant Colonel (Retired) John Pcrfjle Warm FJBE and Mr Andrew Jackson retired without replacemenL Mr Jeremy Archer and Mr Oliver Marsh agreed to ¢ontinue as Trustees and were r￿leCted. Meetings of the TTU5tees are held quartetly, normalty in January. April, July and Octob8r. The Trustees have a Nomination Sub Committee which. annually and when a vacancy co￿rS. considers suitable candidates io reinforce the skins or representalion of the Trustees and proposes Ca[￿ldateS to The Rifl8s Council for nomination. New nominated candidates, as well as Nominated Trustees seeking re-election. are elected by the Trustees at the Swng Isecond).mèeting eath year. New Nominated Trustees are briefed by tho Chai￿￿3￿ of Trustees and on appolntmenl arg given an induction pad( of backgraund inlormalion on each of the Regimental Charitie5, including copies of Trust Deeds, annual accouTJts and minutes of recent meetings. and a copy of Charity Commission booklet'Responslbilities of a Charity Tnjstee.. Trainity through seminars etc is made available for all Trustees. Other Sub Commlitees, to (>Mr the work of all The Rifies Charities, have been fom&J for Governan￿, Flnance. Grants, Remuner2tion and InvesimenL In addition, there is a Homes Sub Commiitee to manage properknes (Green Jacket Ck)se) own.ed by The Rilles Benevolent Trust. The Nomination Commfftee annually review5 the membershlp of Sub Committ8es to ensure that.Trustees use their skills aFvropriately and gain experien￿ from the work of su(* Sub Committees. The rlsks to which the Charity 15 vulnerable are revlewed annually by the Truslees after detailed work by the Govemance Sub Commtiteè. The Trustees consider the major risks to whlch the Charity could be exposed and review the systetns e8tat4ished to mitigate such risks. They are not aware of any iTregularibes, inC￿ding fraud. involving management or employees of the ChaTIty' nor aro they aware of any instances of actual or non-compliance wth law5, reyulatlons, contracis or agreemerrts that might re8￿t in the Charily suffering signtficant penaltie5 or oth8r108s. In 2016 by unanirnous agreement of the Tn￿te8S basic trfjokkeeping of all Ihe Regimentsl Trust Accounts was outsourced to a of professional l￿kkeeperS in GIou￿te￿hIre. Trust kn(yJnting. The eighth full year of independent operation in 2024 incuThed Costs of £6713 {£4,990). The liaison bet¥￿en Regimental Headquarters and Trust Attounting continues to develop an excellent being provided. Page 1 THE RFLES REGIAIENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTNES AND ACTivrriES Income Apart from investment income. the majcff regular SOU￿ of irrnme to the Charity is from Rvjimental Subscriptions (Ihe D8Ys Pay Stheme) in N*thich most officer5 and soldiers thr￿ghOul Ihe RpJJiment participale. Atl income to September 2021 was reoived into The Rifles Regimental Trust wilh 51% of the basic income then being passed tc The Rifks Benevolent Tn￿ Wrth effect from 1 October 2021 Tntstees have amended the allocation of inLX)me from the Day5 pay Scherne from 51% to 40% to The Rifies Benevolent TrusL This was reviewed and re¢[￿firmed at the Octobw 2024 meeting of tr4JStees and will contlThJe be reviewed annually. This remains possibie due lo other ino)me io the Benevdent Trust from Legacies enablng the thanges to be made thout any det￿ment to exlsting beneficiaries. The balan￿ {60°kl Is retained by ThÈ Rifles Regimental TrusL which can make grants to The Rffles Benevolent Trust as required and includes additsonaI conlributlons from officers which are held in a designa18d fund to supwrt officér related aclivibe& All payments via the Days Pay Scheme are tlimugh Charitable Giving and ar8 therefore indusive of Subscdptions from officers and sokllers under the Dtys Pay S¢heme have remalned steady. During the year, a lotal of £196,777 (2023.. £197.229) was subscribed under the scheme. which represents 60% of the In￿M6 being retained by The Rifles Regimental Trust and the balance of 40% being transferrEd to The Rffles Benevolent TrusL The percentage of all ranks subscritsng under this voluntary Scheme has remained around 95%. In additson. officers subscribed further £39,194 (2023: £38,256} for officer re￿ed activ(tie5. An annual review (rf subscriptÉons is undertakon and indivtduals not contributing are idenl1r￿d and ehcouraged to do so. Regimenlal Objectives The RlfFes Gouncil has approved Regimental Objectives, whic* are reviewed annually, and whlch Trustees take into account when making grants trom The Rilles Regimental TrusL The Ofy8c*ves issued fft 2017 r8maln extant with three obJ'ectiv8s being set: Reali8e tha F￿ntial of every Rlfteman and maximise Ihe opportunty of being a large regiment . Explott the range of modem roles lo enhar￿ the Regimenfs reputation tartiCAI innovatlon and fOr￿r£I tty1n￿ng. Capltslise on the five pillars {RegulaTS. Reserves. Cadets, Associatlons and Communities) to sustsin the Regiment and buikj esprtl de corps. ensuring tuil manning. Grants tts Regular Battalions The following polw was in pla￿. Trustees wtll allcrate to Regular battallons, (mduding to 4 RANGER vtho rebadged in December 2021 but vtho for now remain linked to The Rifie5 and to where th￿r Regimental Subscriptions are paid), an annual block grant Ihat may be expended at Cr additional grants. The Rlfles and Llght Infanty Somer5et Associatlen. Thesé funds were added sn 2020 for imi8Stment purposes On￿ with the Regimentsl business being accounied forthrough their own charÉty. AJI these Funds (Restrlcted, Designat8d and F￿KIS Under Management) are Invested tcgether with the main Rrft88 Regimental Trust Unrestrictsd funds with a strict rttord ￿l￿g maintsined as to the (aliquot) percentage of the capital and income that belongs to eath. Allocation of Grants The Trustees meet annually lo consider the budget for the folltiwing year and the block grants that can be made. They 11 also ￿nsider at this time any requests for additional grants. The Trustees are also the Truste86 of The Rllles Benevolent Trust who meet quarterly to ratify grants. Such quarterly meetings give the Trustees the opportunity to consider Income and expenditure on. and other ￿sInesS of. The Rrfles Regwnentsl TnJ5t and any additional grants that have b88n requested. Grants from Unrestrict￿ fvnds to a total of £60,100 (2023: £60,544) were mad6 lo the five regular and thre8 Reserve battalions as well as the 3 Regimentsl Bands who received £4.000 (2023.. £3000). Regular Battalions also received fijrther £20K fft)m Restricted funds and the Reserves a furthv £10.50012023: £10,500). ITC CAtterid( received £2500 {2023'. £8001. Each of the regular battalions receives varying sums based upon their established strength" this indudes nding for their regimental swi. It remains Ihe hope of the tTUStees to be able to increase the level of grants to battalions in ihe future. Of the Reserve units, 6, 7 and 8 Rifies recelved £7,000 {2023'. £7,000) each. Grants totslling £2.115 (2023.. £6,983) were made lo the Regional offices. R•gimental expense5 Expenditure totalling £112,355 (2023: £112,250) bvas made under the RHQ budget,. the Fargest amounts baing spent OTr Regim￿1 sports. £￿2￿, lTrantrCrnlraW5, £1n2U', the K￿lMents1 wetsrtTre iftl, £13.106 and th8 Regimental magazine (rhe Bugle), £11.889. Income of £3858 (2023: £8.002) was Feowered from sales of The Bugle. £8,851 was spent on insurance. In addtbon, £13,194 was Spent on batuefield IC￿r5 and £5000 on the conir8Ct vmth St Cr055 Cricket Ground. £25,000 was given to the RGJ Museurn in acknovAedgement of the amalgamation of the RGJ and The Rffles Museums to fom The Rifieman's Museum. The cost of providing a ceremonld bugle to those on complelion of 22 andlor 24 years or on commissioning vrns £21.873 (2023: £18.112). Page 4 THE RIFLES REGIMENTAL TRUST REpoirf OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTNES AND ACTIVITIES Riffes Dlrect In early 2017 the sale of Rines Dffect lo AMMO IAII Arms Matketing and Manufacturing Organi5ation) was compteted ih th@ Regiment retaining control over Ihe Company 8nd Regimental brands. In 2018 the Regiment continued to receive the agreed in￿rne of £8.000 per annum (payable 1112th each month) whith was subsequently increawj to £9,000 per annum and is reviebved against sales bi-annually. The income was used to clear the origin81 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 on to the battalions. Public Benefft The folbwing statements constder the Charity Commission's guidan￿ on public benefft dis¢k)sure. The Trustees are conscious that the use of charilab16 fijnds should have an element of benefft to the public. The object of The Rmes Regimental Trust is to promi)te the efficiency ￿ the Regiment In its widest ¥ense. Grants can. example. be made to the seTvirvJ elements of the Regiment to support actNities whith increase the fltness and capabilty of the servlng soldier, such as adventure tralnlng. and to activities which help to establish the regimental ethos and culbjre. such as bugfing. Grants may also be made to the olher pillars of the Regiment, such as Ihe Reserye units and the Regimental Asso¢iatD3ns, lo help estsblish the reputation of the. Regiment throughout the country and parbcularly in Its recnjiting areas. The existence of the Charity helps to ensttre high m￿dIe and hlgh standards in The Rifles and thus contrtbutes to the effectiveness of the county's am!ed f￿Ces, which in lum brings tangible beneffts to the putlic. Page 5 THE RIFLES REGIMENTAL TRU REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Lieut•nant General Ttrlomas Rithardson Copinger-symes CBE took over as Color*l CtXnrnarHJant on 22 2023 and was alreatjy an extsting ex-officK) Trustee. The Govwtiance Sub Committee has again carried oul a full review olthe fisks to which the Charity might be •Y￿05ed. and improvements have been made to the tsk analysis. Financial and Markets Review As at 31 December 2024. The Flfles Regimental TnBt had a value of £7.￿,504 (2023: £7.281.784>. The investment rtfolio on 31st December 2024 was valued at £9,700,777 POY3." £8.882,391 }. These figures induded funds held as (xeditors for Ihe Battalion PRIS and association fund5 totslSng £1045.374 {2023: £1.682.645). Rlsk assets enjoyed a strong h¥e￿&Month pertod. wtth gké)al ￿Ulty markets up 20% as measuTed by the MSCI AII Country World index. Eqllities were buLryed ty 1he improwng frjndamental pidure as innation fell closer to c*ntral bank targets. whilst global gTOWth r8mained rcthsL The ￿Jfteept of US excepti￿all$rn was prevaient throughout the perftsj. driven by stronger growth and the antrupated impact of President Trump's policAes after his victory in Novembevs election. In fact, US stocks concluded the year wilh their best iwTryear stretch in 25 years. Regional equlty market performance largely refiected this wilh the US strongty Ou￿erfOrn?ing other major ￿Ulty markets, Ihe exception being China which rebounded gn expedations of pjlicy slimulus. Meanvthile the "Magnfftent Seven. and other Al related stocks were the strongest perfoTmer5, With the fomer g￿up responsiNe for ovw haff Df th? global equity market re￿mS in 2024, with Nvidia almost treknlirKJ over Ihe pericmj. 2024, however, was another difficult year for fix￿1 Incorre markets. US aThJ UK govemment tonds prfyjuced negative returns 35 they experienced higher Ihan usual levels of volatility, driven by shlftlng narratives from global Centr￿ banks and the market's subsequent reaction to inleresl" rate expèctati￿$. This was parts￿lIadY true in the last quartèr of the year, ￿ere Treasury ￿eldS rose in the aftermath of Ihe electron on Ihe e￿ctation that stranger growlh and high8r infiation would lead to fewer Fed rate culs. Elsewhere, commodities exhilyted a mixed ￿cture 7Mth gokl rising to M alktime higPs In October. whiL%t oil prices have fallen 5ignffycantly despite ongoing events in Ukratne and the Middle EasL The US doltar was also volable but rose strongly in the fwrth quarter on a tradé-weighted basis, strengthenirb3 against major (xjrrenaes and IN)gitsve impacting retums for oversea5 investors in US markets. 'Current e¢onomic fundaméntaLs suggest that 2025 shc￿ld be anolher positNe year for equities and risk assets more broadty. The challenge is that d￿Hnside risks are gr8ater than before" the prosm of an alkout trade war looms large, Ihe outlook for interest rates is more uncertain. and govemment debt continues to rise. olvers1ff￿ti0n can help mitigate some of th@se risks. Bonds should provide some proteclttin against risk5 to growth. while gold and other ￿MmoditI8S help to manage the rlsk of irfflats￿ and elevated geopoliti(xl tensions. Risk Management Twstees consider that the variety of inveslments with a divwsffi&1 investment portkjlio ex8riased through the Fund managers, Cazenove Charltle5. ak)ng with a 'lotsl retum" approach. This allows a drawdown on capital of 3Y., including investment i1￿Me, plus an uplift factor tr) meet budgetsry requiremerts (1% for 20231 whith is monitored and recornmended by Ihe investments Sub￿rnm1ttee and helps to stabiIise the inr>)me and mthgates the risks as far as is possible. The Trustees wlll also approve a further drawdown of capital were deemed necessary to m*t e5￿tial demands In sUp￿rt of th8 Regiment (serving, fo￿er and anlecedent) its Rinemen and their dependents. However, in order to meet any extraordinary demands thaced upon it a reassessment of the level of grants awarded takes place at their January meeling each year with any adjustment necessary being made to ensure the Iwterni abilty to support the Regimental famlly. Page 6 THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Reserves Policy A review took place in late 2021 and a baSel￿e of 3% of average market value of the wrtfdio over 3 years was retained (induding aclual inveslment iTU)me) and an additional uplift of 1% was agreed to enable the budgetary requirement for 2024 to be met. Going forby8rd for 2025 the baseline of 3% of value is to be retained,. this comprises of actual Investinent income topFEd up by a drawdown. if required, from unrestriGted fund5 and consider5 substantial anticipated income for 2025 from Ihe Antioch Setuement £175.000 (£175,0(Xl in 2023>. Key Management Personnel Remuneration The Trustees consider the LThrd of Trustees and the Rifies Regimentsl Secretary (also a Tmstee) and the Rifies Secretary Finance as the Key Management personnel of the Charity. All Trustees gNe of Ih8ir lime freely and are not munerated far their time spent on work on bthalf of the Charity. The day-trJ4ay management is invested in other senior repre5entatNes in RHQ The Rrfies vho are employed and salaried by the Ministry of D6fencÈ. Remuneration of the Regimenlal Seuetary as a.Trustee ha$ been approved by the Chartty Commissioners and the sum along with any other ex gratia awards to the other senior members of RHQ Staff are apw>ved by a special meeting of Trusle9s held every 3 years. All awards are made 8nnually arid are SCTUtinised and aw)roved by 1he RernUnerati￿s SulKommitte8. The Remunerations SuEKommittee also SLTeens any other ex gratia awards recommended by the Reglmental Secretary for other members of the RHQ staff from an agre￿ budget. Payment of awards will yeneralty be paid in D8cember of each year. Dedaration of any relaled paty issue5 are contained as appropriate in the audltofs notes as been no such confjlcl in th& CUTrent year. In assessing the awards tnBtees assess against perf0m￿lCe as Ihere is no benthmark with which to compare Ihe ex-gratia payments. Trustees are also required to disclose all re￿vant interests in connection wth any grant application and in accordance Y￿th the Trust's wliGy wkthdraw from discussions where ar)y ￿nflICt of Interest arises. There has been no such conflict in the current year., STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The charity is contrnlled by ils o)verriing d(￿men[ a de&J of lJust and constiw an uninwrporated chaflty. Page 7 THE RIFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Registered Charfty number 1119061 Princ4pal addrESS RHQ The Rffles Penlnsula Barracks Romsey Road Winchester Hampshlr8 S023 8TS Tru518es Lieutenart General Thomas Richardson C(4yinger-Symes CBE eutenant General Charles Seymore Colbns DSO OBE Maj General Thomas Howard Bewid( OBE Major General Daniel Re8ve MC Brigadier Mark Christsan Peter Wilson MBE Colonel Ralph Graham Arnndell Colonel Ashley Raymond Fulfoyd OBE Colonel Nikola Ilic MBE QGM Lieutenant Colonel Peter James Alexander Balls OBE Lieutenant Cotonel John PJexander Pool&Waffen MBE- Retir￿1 25 January 2024 Lieutenant Colonel Simon David Gray MBE Captain Rc4)erl Gribbte Jeremy Michael Archer Simon Charles Hazlitt- Chairnian Rebecca Charfotte Maciei8wska Oliver Rupert Marsh Henry Charles Steel The offices of the Charity are based in the Regimentsl Headquarters of Tha Rifks which 15 an MOD establishment, and the 01T￿la15 are civil servants employed by the MOD. therefore. neither accommodatiijn nor staffing incur any cost to the Charity. Thr￿ghoul 2024 the person resFM)nsible for the day to day runniTWJ of the Chaiity was The Ritles Regimental Secretary and Trustee, Lieutenant Colonel {Retired} PJA Balls OBE. assisted throughout the year by The Rifies s￿retsry Finance, C¥Jtsin (Retired) I l Foster. In August 2024 Capt Foster retired. handing over to Kate Badcod(. Page 8 THE RFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR EMDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Auditors Morris Crocker Limited Chartered Accountsnts Registered Auditors station House North Street Havant Hampshire P09 1 QU Bankers Royal Bank of Scotland plc Holt's Military Banking 200 Fowler Avenue Famborough Hampshire GU14 7JP SolicitOfS Blake Morgan New Kings Cwrt Tollgate Chandle¢5 Fortl Eastteigh S053 3LG Investment Managers Cazenove Capital ManageryEnt 1 London Wall Place Loftd￿ EC2Y SAU Page 9 THE RFLES REGIMENTAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees are resprJnsibl8 for prepan'ng the Rep(¥t lif th8 Trustee5 and Ihe financial statsments in accordance with applicable law and Uni(ed lfjngdom Ac￿U￿ting Standards (United lfjngdom Gen￿allY Actspted Acttjunting Practice). The law applicable to charilies in England and Wales. the Charities kt 2011, Charty (A(xwnts and Reports) Regulations 2008 and the provisions of the trust deed r￿UireS the trustees to prepare financial statsmenls for eath financial year whith give a true and fair view of the state of affairs of the charity and of the ino)ming ￿OUrCeS and application of rescAJrces, including the income and eXpeThjilu￿ of thÈ charity for that period. In prÉparFng those financial statements. the trustees are required to sdect suitable accountirvJ po￿￿eS arKI apply them consistenty" observe the methods and prindples in the Charity SORP. make Judgements and estimates that are reasonable and prudent" .slate whether applicable accounting 5tandard5 have been foliovied, sut¥"ed to any materlal deparbJres disclosed and 8xplained in the financial ststèments: prepare the financial statem￿ts on the golng concem basis unless It Is inappropriate to pr8sume that the chgrity will continue in buslness. The Iruslees are responsib￿ for keepnig proper accountlrwj records which dlsclose wfth reasonable accuracy at any time the financial poS￿.0n of the tharity and to enable them lo ensure that the fmancial statements comFly with the Charities Act 2011, the Charity (Accounts and Reports) Régulations 2008 and the provisions of the trust deEd. They ara also reswnsible for safeguarding Ihe assets of the charity arKI hence fcy tsking raasonable skP5 for the prevention and detsction of fraud and other irregularities. Approved by rrter ol the board of Irustees on .....................-.. ....... 31L4 10'- .. arKI signed on its behalf ty. S C Hazlitt- Trustee Page 10 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RIFLES REGImE￿rAL TRUST Oplnlon We have avdited the financial statements of The Rlfles Regimental Trust (the 'chaiity') for the year ended 31 December 2024 which c(mprse the Statement of Finanual ActivTtie5, the Balanr% Sheet. the Cash Flow Statement and notes to the finan￿￿1 statements. induding a summary of signlficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unrted Kingdom Accwnting Standards (United lfjngdom Gèneralty Accepted"AccouDting P￿tIce). In our opinion the finanGial statements: . give a true and fair view of the state of the charity's affairs as at 31 De￿mber 2024 and of its incoming resources and application of resources. for the year then 8nded- have been propety prepared in aCC￿ance with United Kingdom Generally Accepted Acc(MJnting PFactice,' and have been Prepared In accordance with Ihe requirements of the Chariknes Act 2011. Ba51s for opinion We cnnducted OUT audit in accoréance wth Internalional Standards on Auditing (UK) (ISAS IUKI) and applicable law. Our responsibilities under those stsndards 8re further descJibed in the Auditors. responsibilities for the audlt of the financial statem8nts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audtl of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have fulfilled our other elhical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclu51ons relating to golng concern In auditing the financial ststements, we have concluded that the twstees. use of the going concem basis of accounting in the preparation ofthe financial statements is appropriate. Based on the work we have perfo￿n￿. we have not identffied any material uncertainUes relating to events or conditions that, indNidually or cdkcbvety.. may casl significant doubt on the thariV5 abilty to contirsue as a going conGem for a period of at least ￿e1ve months trom when the finanoal ststements are authortsed for issue. Our responsibiltlies and the rEspOn￿bil[lieS of the trustees with respect to going con￿rn are described in the r81evanl sections of this report. other inforniatlon The trustees are responsible for the other informalicffi. The olher infomiation comprises the inftymation included in the Annual Report. other than the financial statwnents and our Rep(rt of th& Independent Audit￿5 thereon. Our opinion on the financAal ststements not cover the ¢)thw inf0m￿tIl￿ and. except to the extent otherwise expliThlly stated in our report, we do not express any fomi of agsurance ¢￿￿uSIon thereon. In connection with our aud￿ of the ffinancial statem8nts. our responsbi ilty is to read the other"infomation and. in doing so, consider whether the other information is materialty inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such mateTial incon5iStencies or apparent Material missl8lem8nts, we are required to detemiine whether this gives rise lo a maierial mi5Statern8nt in the financial statements thernselves. If, based on Ihe wrAk we'have perfomied. we condude that there is a material mi55tatement of this Other informalion, we are re.quired to report thal fact. We have nothing to report in this regard. Matt?rs on whith we are required to report by excepilon We have nothing to rep)rt in respect of the following matters vthere the charities (Accounts and Reports) R￿UlatIons 2008 raquire5 US to Teport to you if, in our opinion-. the Informat￿n glven in Ihe Rewt of the Trustees is Ino)nsistent kn any materfal respect wilh the fInan￿al statements; or sufficiert aC￿U￿tIng records have nol been kept.. or the financial statements are not In agreement with the ac(>Junting records and retums: or we have not received all the infomialH)n and eXplanati￿s we require for our audit. Page 11 REPORT OF THE INDEPENDENT AUDrroR8 TO THE TRUSTEES OF THE RIFLES REGIMENTAL TRUST Responslbilltle5 of trusttts As ewained more futTy in the Statement of Trustees. Responsibilities. the trustees 8re responsible for the preparat40n of the fin8nclal statements which give a true and fair view. and for such intemal control as the trustees detennine is nece55ary lo enable the preparation of fmancaal statements that are free from matsrial misstatement, whether due to fraud or error. In preparing the flnancial statemenis. the trusteès are responslble for a55esskng the char￿￿S. abli ty to continue as a going cmm, disclosing, as applicable, matters related to g(Mng concem and using the going corKem basis of accaunung unless the trustees •ther intend to liquid.ate the charity or to oase Ly￿ationS, or have no rear￿tiC attemative but to do so. Our responsibilities for the audit ol thè fmancial statements We h8ve been app￿n￿ as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or hawng effect th￿eund9r. Our obJ"ectiv8s are lo obtain reasonaUe assuraneR about whether the financial stalem8nts as a'whole are freè from material misststement. whether due io fraud or emr, and to issue a Report of the IndepÈndent Auditors that Indudes our opinion. Reasonable assurance is a high levd of assurance. but is not a guarantee that an audit conduded in accordance with ISAS (UK) wll a￿ayS detect a material misstatement when tt e>ists. Misstatements can arise from fraud (x error and ar8 considered materlal rf, indivldualty or in the aggregate, they rould ￿aSOn0bty be expected to inftuence the economic dedsions of users taken on the basis of these finan(iat Statemerrts. The extent to which procedures are capable of detecling trregularitres. iThSuding fraud is detaiK8d ￿lOW. Frcm discusslon wtth managemerrt and those charged with govemance infomiatw about the ￿tity is documented to assess the actlvity wrlhin Ihe arganisation. We dtscuss managemeDVs as8￿ment of risk In respect of iwularities, fraud and going ￿n￿rn. Bas8d on thes8 discussions and assessments we determined that the key rfsk areas were income recognttion in respect of Cut off issues and management override CA)n￿mIng the size oithe organisation. We s81 flnancial statement materiality level bawl on the level of income. As a not for profit organisation raising income Is its primary fcus which is why income was used to determine the ievel of materiaity. Our overall assessment of"ri8k was used to determine performan￿ materiakty at an 8pw(Ipriatelevd. Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirrned documented systems which have been destgned to act as a preventative measure. against fraud and error ' which appear to be operating as dcvjmented. Substantrve testing tested a sample of the populalion, represantatwe of the popuL3tion, lo Identify err￿8. The testing not identify any m*erial misstatements in areastested. 14AJdit substantive tests c¢Jnduded Tro material effors over Ihe key areas of income recognition and manag8m8nt overrKJe. The audit ¢J)n5iders the organisation is not exposed to matertal risk of erTrx as a ￿su￿ of assessing laws and regulations that are appropriale to the orgarlsation. noa ments is focated on Ihe Financial Reporting Councifs website at wp*w.frc.org.uk1audit￿es￿￿lbllitla￿ This de8crfption forms part of our Report of the Independent Auditors. Page 12 REPORT OF THE INDEPENDENT AUD￿oRs TO THE TRUSTEES OF THE RIFLES REGIMENfAL TRUST Use of our report This report is made soldy to the charity's trustees. as a bcdy. in a&xrdance with Part 4 of the Chartlies {Ac¢ounts and Reports) Regulations 2008. Our audit work has been undertaken so that we ￿Aght stale to th8 charivs trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not actspt or assume responsibilty to anyone other than the charity and th8 chaTiVs trugtees as a ￿y, for our audit worl for this raprt or the opinions we have fomied. MC Audit Limited statutory Auditors Slatim House Nurth Street Havant Hampshire P09 1QU Page 13 THE RIFLES REGIMEirrAL TRUST STATEMENT OF FINANCIAL ACTivfTIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total fvnds Unrestricted funds Restri¢led funds INCOME AND ENDOWMEMfs FROM Donations and legades 421.920 549 422.469 460,922 Other trading activities Investrnent incame 5.696 106.206 5,696 8.002 141.923 Total 533.822 39.003 EXPENDrnJRE ON Raising funds 45,469 4,071 49.540 45,168 Charitable activlii05 General Officers fvnd Lawrence Bequest FUNI RGJ management h4nd Hatton bequest fund RGBW FUND 7 Rffles 5 (V) RGJ Trust Fund Light Infantry Management Fwd 2&fj,350 44.833 20.000 83,930 25 144.737 14.609 10,500 244,798 40,278 20.000 45.906 44.833 20,000 83.930 144,737 14.609 118.889 10,500 10,500 14.241 Total 269,or2 636,174 540.580 Net gains on investrnents 539.670 192,3 732.069 NEf INCOMEJ(EXPENDrruRE) 706.340 (37,620) 668,720 359.831 RECONCILIATION OF FUNDS Total funds trwght frThTard 5.046,847 2234.937 7,281.784 6,921,953 TOTAL FUNDS CARRIED FORWARD 5 753 187 2.197 317 7.950.504, 7281.784 The noles ftm part of these finanual statements Page. 14 THE RIFLES REGIMENTAL TRUST BALANCE SHEEr 31 DECEMBER 2024 2024 Notes FIXED ASSErs Inve8tments 12 9.700.777 8.882,391 CURRENT ASSErs Debtors Cash at bank and In hand 13 66,028 63.086 71.763 131.ogo 134,849 CREDITORS Amounts fa51ing du8 within one year 14 135.989) (52.811) NET CURRENT ASSETS 95.101 82,038 TOTAL ASSETS LESS CURRENT LIA8￿MEs 9.795.878 8.964,429 CREDITORS Amounts falling due after more than one year 15 (1.845,374) {1,682.645) NET ASSETS 7 950.504 7 281784 FUNDS Unrestricted fvnds Re51ricted funds 17 5,753,187 2.197,317 5,046,847 2,234.937 TOTAL FUNDS 7.950.504 7,281,784 The nanckal state nts were approved by Ihe Board of Trustees arKI authorised for issue on ..knL ........ and were 51gned on its tehaif by: S C Hazlitt- TNstse The notes form pwi. of these financial.stalements Page 15 THE RIFLES REGKMEpifAL TRU8T CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating acttvlties Cash generated from operations 14,410 Net cash {used inyprovided by operating actihryt 14.410) Cash flows from Investlng aclivitses Purchase of fixed asset investments Sale of fixed asset investments Interest rece￿ed Dividends receNed (182.000) 45.049 1.312 12,296.4921 2,047,629 1,&33 140,390 Net cash provided byJ(used in) investing activities 7.709 Change in cash and cash equivalènts In the reporting perlod Cash and cash equlvalents at lh• beglnning of tho reporting wiod Cash and cash ￿u1valentS at the and of the rèporting period (6.701) (60,3601 71.763 132.123 65,062 71.763 The notes fm of ttkse ffn￿￿aI statements Pag8 16 THE RIFLES REGIMENTAL TRUST NOTES TO THE CASH FLOW STATEMEpir FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACTMTIES 2024 2023 Net income for the reporting perlod (as perthe Stjtsment ol Financial Actlvllies) Adjustmonts for. Gain on investments Irrterest received Dividends received Increase in long term liabilities Increase in debtor5 Increase in creditors 668.720 359.831 {681,435) (1,312) (143,348) (253,796) 11,533) {140,390) 71,137 (157) 11,488 (2,942) 145,907 Nat cash (used Tnvprovldad by operations 14.410) 46,580 ANALYSIS OF CHANGES IN NEf FUNDS At 1.1.24 Cash flow At31_12.24 Net cash Cash at bank and in hand 71,763 6.701) 65,062 71.763 65.062 Total 71.763 6,701 65,062 The notes forn part of these finanaal statements Page 17 THE RIFLES REGIMEKfAL TRUST NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Basis of preparlng the financial ststements The flnancial statements of the charity, vthich Is a wblic benefft entity under FRS 102, have been prepared in accordance wilh the Charlties SORP (FRS.102) 'Accouthing and Rewrting by Chartties". Statement of ' Recrmmended Practi￿ applicable to tharikne5 preparing their aco)unts in ao¥dance with the "Financlal R8POrting standard appllcable in the UK and Republic of Ireland (FRS 1(Y2) (eff8ctive 1 January 2019).. Finanèial Reporting Standard 102 'The Financial Rep)rting Standard applirxble in the UK and Republic of Ireland. and the Charities Aci 2011. The financial statements hav8 been prepared under the historiGal cost ' conventi￿, with the exceptton of investments vAich are induded at market value. as rrK>dified by the revaluation of certan assets. Going Concwn The trustees believe that the goirthj concern assumplion remains appropriate for The Rifies Regimental Trust. There are no"known factors or eondtbons that would suggest a need to questiL￿ tho thaTiVs ability. to continue its operations for the foreseeable fiJture. . In￿rne AJI income Is recogrd8ed In the Ststement of Flnancial Acbviiies oncelhe chartty has entitlement to the funds. It is probable Ihat the incwie will be r￿1ved and the amount can be measured reliably. Expendlture Liabilttses are fecrynised as exp8ndtture as SO￿ as there is a legal or construdlve obligation commilbng the charity to thaE expanditure, it is ￿￿Obable that a transfer.of econcffjic benefits wlll be required in setlemert and th8 arnount of the obligation can be measured refiably. Expandi￿re is ac¢ounted frjr on an accruals basis and has been classified under headings that aggregate all cost related to ihe (Zlegory. Where costs cannot be directy attribuled to part￿lar headings they havè been allocated to.adivities on a basis consistent with the use of resources. Grants offered subject lo conditl¢Ms which have not been met at the year end date are noted as a commttsnent but riot accrued as expenditure. Taxatlon . The £harity is exampt from tax on its chaiita14e acbvll￿. Fund a¢counting Unrestricted funds can be used in aCc￿￿arTh with the tharitable ofy'octives at the dlscfetion of the trustees. Restricted funds can ooty be LEed for partI￿lar restricted purposes within the objects of the charity. ReStrict￿nS arise 4vhen sp8cified by the d(mor or vthen funds are raised for parkncukqr r8Strict8d purposes. Further explanation of the nature and purpose of eath fund is ind￿￿ed n the notes tD the financial statements. Flnanclal inslruments In finan￿al asse15 and liabilities like trade and other actounts recervable and payabl8, loans from banks and.other third parttes and loans related to parbes and investments in r￿n-pUtt8b1e ordinary shares. Trade and other debtors Short terni debtors are measured at transaclion prlce, less ￿ Irrya&rynenL Loans rece￿able are measured initialty * lair value, net of transaction ￿St, arKJ a￿ mea5ur8d subsequently at amorti5e(I cost Usin9 the effective interest method. ￿ any impaim]enL Cash and cash equivalents Page 18 continued... THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMEKfs - contlnuod FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - continued Gash and cash equivaknts comprise caskr and bank and on hand, deposits wtth banks and other short-terTn highty IIqLJid investrnents and bank. overdrafts. In the balance sheet, bank oveTdrafts are shown wilhin borrowings or current liabilities. Tradè and other credliors Shart term trade creditors are measwed at the transaction price. Other financial liabih'ties, including bank loans. are measured Initially at fair value, net of transaction costs, and are m&3sured subsewently at amorbsed cost using the effedive interest rnethcKI. Realisedlunreallsed gains and losses All gains and lo&ses are taken to the ststement of financial adivitles as they arise. Realised gains and losses on ' investments are ¢alculated as Ihe dtfference belween Sale woceeds and openlng rnafket value or purchase date if laler. Unrealised gains and 1055es are calculated as the dIffe￿nCe between the market value at the end of the year and opening market value. or purchase date If later. Reali5ed and unrealised gains ate not separated in the ststement of ffinancial activities. DONATIONS AND LEGACIES 2024 Totsl funds 2023 Totsl nds Unrestr￿ted funds Restrided funds Gift aid tionationl Legacies Subscriptions (Rillemen and Offi(£rs) Substhplions (Officer5) Book sales 2.059 182.955 196.777 39.194 2.059 183.504 196,777 39,194 935 549 225,175 197,229 38,256 262 421,920 549 422.469 460,922 OTHER TRADING ACTMTIES 2024 Toial funds 2023 Total funds Unrestricted fijnds RestriCt￿J funds 8,002 maga￿ne income 5,696 . 5,696 INVESTMENT INCOME 2024 Total funds 2023 Total funds Unrestrided funds R&8tricted fijnds DNidend and intwest Deposit account interest 104.894 1.312 38,454 143,348 1.312 140,390 1,533 106,206 38,454 144,660 141,923 AJI investment inc(The is derived from assets held in the United Kingdom. Page 19 continued... THE RIFLES REGIMEpifAL TRUST WOTES TO THE FINANCIAL STATEMENTS - contin￿d FOR THE YEAR ENDED 31 DECEM8ER 2024 RAISING FUNDS. Raising donatlons and hgacieg Unrestric￿1 Restricted funds tunds 2024 Total funds 2023 Total fijnds R8gimentsl magzine 11.890 16.929 Imiestment management CO8ts 2024 Total fijnds 2023 Totsl funds funds fiJnds Portfolio management 4,071 37.650 28.239 A99regate amounts 45.469 4,071 49.540 .168 CHARrrA8LE ACTMTIES cosrs Grant fvnding of. 8(alvit￿$ (see note 7) Direct Support Costs Is8e Jte 8) Totals Genaral officers fund Lawrence Bequ￿1 Fu￿1 RGJ management fund Halton bequest fijnd RGBW FUND 7 Rifles 5 (V) RGJ Trust Fund Light Infantry managemP￿t Fund 73.907 23.782 107,475 21,050 20.000 83.236 84,968 266.350 44,833 20,000 83,930 25 144,737 14,609 10.500 25 144.737 14.609 10,500 97.714 401.607 87.313 586,634 Page 20 continued... THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS- contlnugd FOR THE YEAR ENDED 31 DECEMBER 2024 GRANTS PAYABLE 2024 2023 General Officers fvnd Lawrence Bequest Fund RGJ management fund Hatton bequ&8t fund RGBW FUND 7 Rffles 5 (V) RGJ Trust Fund Light Infantry Managemeni Fund 107.475 21.050 20,000 83,236 69,891 11.886 20,000 45,292 800 118,889 144,737 14,609 10,500 10.500 14.241 401.607 291,499 totsl grants paid lo institutions during the year was as follov+S: 2024 2023 RGJ Museum TTUSI grant Hatton bequest fvnd RHQ grant Officers Lawrance grant RGBW Light Infantary 5 (V) RGJ 45.292 800 69,965 11.886 20.000 118,889 14,167 115.910 115.910 291,499 SUPPORT CQSTS Govemance ¢osts Management Finance Totals Generdl Off1cers fvnd RGJ management fund Light Infanty Management Fund 75,827 15 9,126 84,968 281 1,650 413 694 1,650 77,759 15 9.539 87.313 Page 21 c(￿tinUed... THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS- contlnued Support costs. Included in tha above. are as foknvs: Management RGJ management fund General fijnd staff ho￿rari8 Insurance Regimental Sec¥etary expenses Repairs and maintenance Posfage and ststionery Public*ions IT admin suprM)rt and 4uipmant Membership and subscriptions Accountsncy Interest payable 19.050 8,851 410 9,164 1,221 281 30.208 210 6.713 281 2024 2023 Light Infantry Management Fund Total activities Total activities Stsff honoraria Insuran Regimental SetXEtary expenses Repair5 and maintenance Postage and stationery Publications IT admin 5UPFK)rt and. equipment Membership and subsCriFrttons Accountancy Interest payable 19,050 8.851 410 9,445 1,222 1.650 30.208 21Q 6.713 14,498 7,056 7,796 680 74 10,314 1.650 4.990 7T,759 54.297 Flnance 2024 2023 Total -aEt4¥rfile Gftnetai Bank charges 15 26 P￿e 22 continuéd... THE RFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL sTATEME￿s . continued FOR THE YEAR ENDED 31 DECEMBER 2024 SUPPORT COSTS- continued Governance costs 2024 2023 RGJ management fijiid Totsl acb'vities Total activities General Meeting costs Audltors rernuneration 2,236 6.890 413 2,649 6,890 1,123 7,248 413 9,539 8,371 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneralion or other benefts for Ihe year endeAJ 31 December 2024 nor for the year ended 31 December 2023. Trustees. exyenses During the year nil ljusteas {20ZJ: nil) were reimburs￿1 out of pocket expenses total￿ng £nil (2023: £nil). STAFF COST.S 10. 2024 2023 Wages and salarl 7.000 19,51)0 7,000 19.500 The average montFty number of employees during the year was as follows:. 2024 2023 Staff No employees received emoluments in excess of £60,"0130. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivmES Unrestricted fvnds 11. Restricted fun¢Js Totsl funds INCOME AND ENDOWMEKfs FROM Donations and legacies 459.672 1.250 460,Y22 other trading acliviti8S Inv85trnent income 8.002 97,327 8,002 .141 923 Total 610.847 EXPENDrruRE ON Raising funds 36,219 8.g49 45,168 Chaiitable activltlos General 244.798 244,798 Page 23 continued.. THE RIFLES REGIMENTAL TRUST . NOTES TO THE FINANCIAL STATEMENTS- continued FOR ThE YEAR ENDED 310ECEMBER 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES - conlinued UnrestrfcLed Restricted nds 11, Total OffiLErs fund Lawrence Bequest Fund RGJ management ￿nd Hatt￿ bequest fund RGBW FUND 5 (V) RGJ Trust Fund Light Infanty M8nagemttrt Fund Total 40278 40,278 20,000 45,906 800 118.889 10.500 14,241 20.000 45.906 118.889 10.51x1 14,241 540.580 Net gains on wivestments 205,224 NEf INCOMEJIEXPENDITUR 438.430 (78.5991 359.831 RECONCILIATION OF FUNDS Totsl funds brought fO￿ard 4.608.417 2.313.538 6.921.953 TOTAL FUNDS CARRIED FORWARD 2,234,937 7 281.784 12. FIXED ASSET INVESTMENTS Shares in grwp undertakings Listed investrnents Totals MARKET VALUE Al 1 January 2024 Additions Disposals .Revalualions 8.882.291 182.QCKI {214,OLMI) 850,386 8,882.391 182.iXIO (214,000) At 31 Dècember 2024 100 9.70fr.677 9 700 777 NEf BOOK VALUE At 31 Decemkr 2024 100 9 700.677 9 700,777 InveslJnents are held in a p)rtftAio managed by Schrod&s ar¢1 St Jaffw's Place. The market value of nvestments by geDJraphical area is as folkJw5: 2024 2023 Held inside the unit￿ Kingdom Held outside the United thgdom 2.9?4,357 6.726.319 2,723.429 6,158.862 9.700676 8,882.291 Page 24 continued... THE RIFLES REGIMENTAL TRusr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024 12. FIXED ASSET INVESTMENTS - continued Cosl or valuation al 31 December 2024 is reprEsented ty. Shares in group Listed under￿ngS investments Totals Cost 100 9,700.677 9.700.777 13. DEBTORS: AMOUNTS FALLING DUE vim4iN ONE YEAR 2024 2023 Other debtors 66.028 63,086 14. CREDITORS: AMOUNTS FAILING DUE WITHIN ONE YEAR 2024 2023 other cred[t￿5 35.989 52,811 15. CREDITORS: AMOUNTS FALLING DUE AFtER MORE THAN ONE YEAR 2024 2023 DDLI Charities 1 Rffles PRI 2 Rifie5 PRI 4 Rifies PRI 5 Rffles PRI 6 Rines PRI 7 Rifles PRI Rffles & Ll Assouati￿ Somer3et 876,124 125,964 235,526 62.839 73.630 46.226 171.746 795,300 114,348 213,806 57,044 66.840 42.598 168.037 1.682,645 16. ANALYSIS OF NET ASSEfs BETWEEN FIJNDS 2024 Total funds 2023 Total nds Unrestrided Restri(*ed funds funds Inve51ments Current assets Current liabilities Long lerm liabilitles 9.700,777 (3.935,162) {12,4281 .700,777 131,090 {35.989> 8.882,391 134,849 {52,811) 1.682,6451 4,066,252 (23,561) 5.753.187 2 197,317 7.950.504 7 281,784 Page 25 tinued.. THE RFLES REGIMENTAL TRUST .NOTES TO THE FINANCIAL STATEMEKfs- contlnued FOR THE YEAR END&) 31 DECEMBER 2024 17. MOVEMENT IN FUNDS Net movement in funds At 1.1.24 31.12.24 UnrD8tr1ctsd fvnds 5 (V) RGJ Trust Officersfund RHQ Luht Infantary Management Fund 3,398 (4.100) 696,983 3,398 {4,100) 5.743,830 10.059 5.048.847 Restrictad funds RGJ manag8ment Fund Hatlon bequest fund Lawrence bequest fund RGBW Fund 7 Rlfie5 Light Infarrtary (R) 5.046.847 706,340 5.753,187 1.145,610 42,200 368.353 567.130 43,832 3,939 21,241 (93.528} 112.0001 1,189,442 46,139 389.594 473.602 (12,000) 110.540 2 234,937 37.620) 2,197.317 TOTAL FUNDS 7 281,784 7,950.504 . Net movement in funds. included in the ab)ve arp as tollow&" 1￿mIng resources Gains ond losses Movement in funds expended Unrestrlcted fvnds 5 (V) RGJ Trust Officers fund RHQ Light Infantary Management Fund (10,926) (44.833) (311.331) 11,871 4D,733 49D,319 .317 3,398 (4.100) 696,983 10,059 517,9g5 9,804 Restrleted funds RGJ management Fund Hatton bequest fund Lawrence bequost fund RGBW Fund 7 Rffles Llght Infantary (R) (367,152) 539,670 706,340 22.130 672 {87.773) (142) (21,213) (146,244) 112,000) 109.475 3.409 35.471 43,832 3,939 21.241 {93.528) (12.000) 8.672 546 39.003 37.620 TOTAL FUNDS 572,825 732,069 668,720 Page 26 . continued... THE RIFLES REGIMEKfAL TRUST NOTES TO THE FINANCIAL STATEMEKfs - contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 17. MOVEMEKf IN FUNDS - Gontlnu•d ComparativH for movem•nt In funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds 5 (V) RGJ Trust Officer5 fvnd RHQ 131,843 34.302 4 442,272 (3.367) 207 128,476 4.608.417 438.430 5.046.847 RestriGted funds RGJ management Fund Hatton tequest furN1 Lamffence b8que5t fund RGBW Fund Light Infantary (R) 1.127,584 41.069 368.324 658.005 118.554 18,026 1,131 1,145.610 42,200 368,353 567,130 111.644 (90.875) 6.910) 2 313.536 2,234.937 TufAL FUNDS 359 831. 7,281,784 Comparative net movement in funds, ￿ClUded in the aljove are as folknv&" Res(￿reeS resources expended Gains and 1085e5 Movement in fijnds Unrestrlcted funds 5 (V) RGJ Trust Officer5 RHQ 2.487 40.485 . 522.029 {11.000) {40.278) 280.517) 5.146 (3,367) 207 441,590 565.001 (331,795) 205,224 438.430 Restricted funds RGJ rnanagement Fund Hatton bequest fund Lawrence bequest fund RGBW Fund Light Infantary {R) 22,766 712 7,341 11.577 3.450 (50,469) (942) (21,467) (121,226) 14.681) 45.729 1.361 14,155 18,774 4,321 18,026 1,131 (90.8751 45.846. 208,785 8,599 TOTAL FUNDS 610.847 540,580) 289,564 359,831 Page 27. continued... THE RIFLES REGIMENTAL TRU8T NOTES TO THE FITriANCIAL STATEPAEKfs- continued . FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMEpif IN FUNDS- continu•d 17. A Currerrt year 12 month5 and prior year 12 rn(Krths comblned wsition Is as follows: Net movement in funds At 1.1.23 31.12.24 unrestrlct￿ funds 5 IV) RGJ Trust Offiws fund RHQ Light Infantary Management Fund 131,843 34.302 4,442,272 31 (3.893) 1,138.573 10.059 131.874 30.409 5,580.845 10,059 Restrlcted fund8 RGJ management Fund H8tton bequest fund Lawrence bequesl furm RG8W Fund 7 Rift8S Light Irrfqntary (R) 4,608.417 1.144.770. 5.753,187 1,127.584 41.069 368,324 658,005 61.858 5.070 21.270 (184.403) (12.0001 1.189,442 46,139 389,594 473,602 {12,000) 110.540 118.554 2 313,536 116219 2.197,317 TOTAL FUNDS 6.921,953 1028 551 A current year 12 Months and prior year 12 rrK)nlh8 tt)mbined net movement in fvrKls, included in the a￿¥0 are as follows= Inc¥)ming resourrAs Gains and Movement In fvnds expended Unrestrlcted funds 5 N) RGJ Tnjst Officer5 fund RHQ Light Inf8ntary Management Fund (21,926) (85,111) {591,848) 62 81,218 1,012,348 317 17.017 31 {3,893) 1.138.573 10,059 718,073 9.804 Restrfcted ftinds RGJ management Fund Halton bequest fund Lawren￿ bequest fvnd 'RGBIWWn 7 Rifles Light Infantary (R) 1.098.823 (698.947? 744.894 1,144,770 44.896 {138.242) 155.204 4.770 61.858 5,070 1468Qk (267.470) (12.000) 20,249 61818 (184,4031 112.000) 4.321 84.849 477.807 276,739 116,219 TOTAL FUNDS 1.183672 (1.176 754) 1.021.633 1.028,551 conunued... THE RIFLES REGIMENTAL TRUST NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 31 DECEMBER 2024 18. RELATED DISCLOSURES The Rilles Benevolent TnJsL The R(nes Regimenlal TrusL and The Rffles Officers. Fund are related parties, as they are govemed by the same Board of Trustees. A n￿rnber of transactions took place betréeen the three charibes during the year in the nOTrnal course of operations. The Rifies Benevolenl Trust administers Salary payments on behabf of both The Flfles Regimental Trust and Th8 Rifles Officers, Fund. During the year. The Rifles Reglmental Trust transferred £7,000 (2023.. £17,500110 the Benevolent Trust in respect of tt5 salary costs. In addition. a further c￿￿trIbution of £21,000 (2023: £25,750) was made to SUPFQrt shared salary obligations. Th8 Rffles Officers. FurKI transferred £34..780 (2023.. £nil) lo the Benevotent Trust for the 5am9 purpose. The Rines Regimental Trbst tranSfe￿d £131,031 (2023: £132,122) to the Benevokent Trusl in respect of Rwmental Subscriptions. and £92.285 (2023". £51,605) in relation to donations and Gift Aid whith were r￿1Ved into the Regimental TTUSt but were attributable to the Benevolent Trust. The Rifles R8gimentsl Trust also paid ￿ costs of £996 {2023: £29,357) on behalf of the BeneVol￿t TrusL At the year end, the Regimental Trust Owgd the Benevolent Trust £5,358 (2023.. £19.993). In relauon to The li'fles Officers, Fund. £29,166.67 (2023: £nil) was pahd to The Rifles Reglmental Trust for share of database costs. and a further £1.650 (2023= £nil) vas paid to the Regimental Trust in respect Dftrustea rew8rds. The charity recei¥ES considerable support from the Ministy of Defence in the fomi of p8rscmnel time, office space. equipment, Postage. and stationery. These conlrityjlions are made available at no cost and have not been included in the Statement of Finan(ial Activities. as they are nol separat81y identrfiable or capable of reliable measu￿ment. The resources provided by the Ministy are also used for broader military duties, and their value cannot be attributed solely to the acLNilie5 of the chaiity. Page 29