REGISTERED CHARITY NUMBER: 1119071 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE RIFLES BENEVOLENT TRUST
THE RIFLES BENEVOLENT TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pago Roport of the Trustees 1 to 11 Report of tho Indepondgnt Audltors 12 to 14 Statement of Flnanclal Activities 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Cash Flow Statement 18 Notes to thg Financial Statements 19 to 29 Detailed Statement of Financial A¢tivitios 30 to 31
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trust*s present their report with the financial siatements of the Charity for the year ended 31st December 2023. The Trustee5 have adopted the provisions of Accounts'ng and Reporting by Charities.. Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. Page 1
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Prln¢lpal A¢tlvities and Poll¢les Income Apart from investment income, the major regular sOue of income to the Charity is from Regimental Subscriptions {Ihe Davs Pay Scheme) in which the majority of officers and soldiers throughout the Regiment participate. Al income to September 2021 was received into The Rifles Regimentsl Tiust with 51 Vo of the basi¢ income then being passed to The Rifles Benevolent Trust With effect from 1 October 2021 Trustees have amended the allocation of income from the Days pay Scheme trom 51% to 40Yo lo The Rifles Benevolent Trust . this was reviewed and reconfirmed at the October 2023 meeting of trustees and wll continuo bg reviewed annualty. This remains possible due to other income to the Benevolence Trust from Legacies enabling the changes to be made without any detriment to existing beneficiaries. The balance {60°hl is retained by The Rifies Regimental Trust, which is able to make grants lo The Rifles Benevolent Trust as required and includes addilional contributions from officers which are held in a designated fund to support officer related activities. All payments via the Day's Pay Scheme are through Charitable Giving and are therefore inclusive of tax. In addition, a major Regimental appeal for funds the "Care for Casualties" (Appeal) wa5 launched in 2010 and in 2017 was adopted as a strap line" to The Rifles Benevolent Trust. Fundraising under the appeal has continued, not the least to enable familie5 of the injUd and fallen to raise fvnds in their memory and in 2023 raised £84,464 {£64,5601. Grants The day-to-day work of The Rifles Benevolent Trust is the provision of grants to those in need. These grants are managed through a t8am at RHQ headed by Assistant Regimental Secretary Welfare with The Assistant Regimental Secretary Finance maintaining accounting oversight and covering during any absences. Requests for grants are normally received in RHQ via MOSAIC, the SA4FA Case Management System, through SSAFA or The Royal Brits'sh Legion ITRBLJ. Al cases were initialty assessed by the Assistant Regimental Secretary Welfare who is aulhortsed lo make awards of up to £2,0001£2,0001, after which an application may be made Ic ABF The Soldiers. Charity for addib.onal support. RHQ also deals with all cases involving officers, normally in collaboration with The Office, Association andlor The Rifies OfFicers Fund as well as all cases involving serving personnel. Difficult cases, including those identified as requiring additional RegimentaS funding, may be refeed to a quorum of staff at RHQ, to whom the Trustees have delegated authority to approve individual grants of up to £4,000. All these decision5 are reported to Trustees monthly and ratified at their next quarterfy rneeling. Requests for grants that are beyond the delegated powers will either be deferred lo a meeting of Trustees or, between meetings, considered by the Grants Sub Committee. This may award a grant of up to £5,000 or, rf appropriate, circulate a reCommeration for a higher grant for email approval by the Trustees. Grants are normally paid lo SSAFA or TRBL who will administer the payment to the applicant to ensure that the funds are used for the purpose intended. On transfer of C4C funds from The Rifles Regimental Trust the previous authority was carried fOard to make awards in respect of individual grants, under the C4C cnteria. by the Assistant Regimental Secretary Welfare or the Assistant Regimental Secretary Finance of up to £3,000 with an uplift to £5,000 by uslng the RHQ Quorum. Grants aw also made to Battalions and to ReseNe Companies deployed on operations to assisl with the Welfa of families at home. At the end of each year. grants lo other Charities assisting ex-riflemen are considered. Always a Rifleman Program {AARPI Truste88 approved the setting up of Th8 AbNays a Rifleman Program IAARPI at the Juty 2021 Truste85 rneeting. The pr(rarnme was in r8cognition of the need lo support former Riflemen and th&ir dependants who werg suffering frorn menlal health issues (including PTSD) which had already resLklted in the deaths of 12 Rifiemen in the previous 2 years. Whilst the numbers were no worse than other Regiments and Corps it was significant due to the size of the Regiment. the media attention it was generating and needed addressing. Page 2
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 A head of programme, Ll Col (Reldl Baz Melia MBE, was recruited through open competition and the Trustees approved a budget of £250K per annum lo support the prograrnme for as long as it was deemed necessary. The programme set out to identify those in crisis and provide immediate support (within hours}, throuoh a network of trained mentors and peer to peer support, until such lime as they could be entered on an appropriate recovery programme. The programme Is also ba¢ked up by a dedicated support line as well as having qualified counsellors who can be called upon, with where necessary other qualified professionals providing the guidance and mentorship which is tailored to suit each individual case. All mentors are encouraged to attend a course which gives them a Level 3 qualification in Mental Health First Aid from the University of Birmingham with Trustees assessing the risks around the programme and including details in the 2023 Risk Register. Since the start of the programme just under 200 Riflemen and {orl their families suffering from exlremety complex MH challenges have been supported by a trained for of over 150 AARP volunteers. The battle rhythm of the programme is now established, and the operating model has been refined to include alternative therapies that are rationed by the NHS. Over 260 volunteers are registered as mentors and a fvrther 200 as emergency response volunteers. The AARP has a global reach, helping Riflemen in America. Canada, Australia, Europg, Hong Kong and beyond. The programme has conducted 47 interventions and as a nservalive estimalo, it has saved fifteen lives. The AARP retains a 24 hour deployable capability that Is focused an counter suicide operations. The Tmstees remain fully committed to the AARP and its long-tem funding. Caro for Casualties The formal Care for Casualties Appeal period ended in March 2015 but informal fund raising ha5 wnlinued and the Care for Casualties brand ¢onknnues to be used to describe all the Regimenys Benevolent fund-raising activity. Acting as the interlocutor on behalf of The Regiment, The Regimentsl Casualty Capability (RCC) operates within, and in support of, the Army Recovery Capability (ARC) which creates bespoke Individual Recovery Plans for each of our wounded Riflemen to assist with their transition into civilian life. The ARC cannot provide the level of pastoral care and attention that we would wish to provide from a Regimental perspective, nor dtts it have any responsibility on¢e a Rifleman has become a veterdn. In 2021 initially the Assistant Regimental Secretary Welfare supported by the Rifles Regional Offices continued to provide an enduring link between OUT bereaved families and the Regiment. and from July 2021 worked alongside and in support of the Rifles ways a Rffleman Program IAARPI. The RCC brings added value to these plans by: a. Regiment, in support of the individual, whether serving or a veteran. wilh other charits'es and agencies b. Utilising regimental conlacls for work placements and job opportunities, c. Identifying the need for education, re-skilling and re-training. d. Funding sporting and adventure training challenges to help improve confidence and self-esteem. e. Maintaining contact with and supporty.ng bereaved families. RHQ and the Assistant Regimental Secretary Welfare co-ordinates this for the Regiment and is in regular touch with many of our operational casualties ar)d with the familiès of the bereaved. A total of £42,968 1£63,8511 was spent under the Care for Casualties banner during 2023. The money has been spent on direct and indirect support, through grants lo help individuals wth their recovery, recuperation breaks, support lo ¢ommemoralive events. and casualty packs for our wounded. Examples of support during Ihe past year include.. The Regiment continues to 5UPPOrt initiatives which use5 archaeology as a means of rehabilitation for recovering Riflemen. 'Digs' for this year working with Waterfoo Uncovered was again unfortunately cancelbed. Funding for veterans with severe mental health issues is increasing. C4C is seeing many more cases where Combat Stress and the NHS are unable to help and so smaller bespoke charities are being asked to fill the gap. Cost in this area will continue to arise through the activities and support being provided throLJgh the AARP. - Grants fvave been allocated towards the installab'on of wet rooms for veterans where the MOD are no longer liable. Page 3
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 C4C has paid for re-training, re-skilling and education. Injured Riflernen are now attending vocational training course5 and college courses, all funded, at least in part, by Care for Casualties. Examples include plumbing course5, training for those hoping to work in the security industry and those aspiring to be physical fitness instructors. C4C continues to support bereavement counselling for famlly members of our fallen Riflemen. - Funding fitness equipment such as adapted bicycles, kayaks and home gym equipment for those recovering from injury and supporting those in achiewng their goals through sport including participation in The Invictus games and Para Olympics. Holiday and respite breaks for our injured ar*d their families and for members of our bereaved families. Where possible the Regiment works with the MOD and with other charities such as ABF The Soldiers. Charity.. Help for Heroes. Combat Stress. SSAFA and Just Rffles to provide the support that is need. However, the Regiment will step in alone to help where not to do so would mean an unacceptable delay in meeting the need or where restrictions on who can benefit from other charities means that a need is not being meL Green Jacket Close The Rifles 8enevolent Trust administers the Charity's cottage homes at Green Jacket Close, Stsnmore Lane. Winchester. There are 21 units providing one or bedroomed accommodation for retired rnlemen or their widows who are in need of appropriate housing. RHQ keeps a record of applications for accommodation, which are considered by the Trustees on a points basis when a vacancy occurs. Applications are open to tired riflemen from The Rifles and from all ts Forming and Anteoedent Regiments. The is a wailing list and the dominant priority in awarding accommodation to those on the list is derived from an assessment of "need The Trustees are also giving considerats'on as to how best to meet the preferences of those who served in eEements of a Regiment now derived from a more widespread geographical base. The monetary assets of Green Jacket Close aTe retained within a Restricted Fund of The Rifles Benevolent TrusL Royal Green Jackets Ladl88 Guild Fund The investments of Tha Royal Green Jackets Ladies Guild Fund are held within the Trust in a Restricted Funcl. The main work of the Ladies Guild is to maintain contact with enty six (enty eight} Royal Green Jacket widows, helping wth fuel bills in wnter for older widows and making small grants as required to those in need or ¥Mth dependent children under 18. Christmas cards and newsletters are sent to all and advice can be given to those with problems or in financial difficulties. The Ladies Guild is not laking on any further RGJ widows who, together with widows from all other Forming Regiments, are now looked after as required by The Rifles Families Network through RHQ and County and Cty offices Poier Bateman Bursary This is an educational bursary recewed in 2011 as part of the Legacy of Mrs Una Dunklin. It is held in a Reslficted Fund. Priority 1$ given to Riflemen leaving the services as a result of injury and lo the wives and children of those killed on operatSons. Joanne 800th Ma80n Memorfal Fund This Restricted Fund was established in 2012 in memory of Mrs Joanne Booth-mason and is expended on selected cases recommended by the Assistant Regimental Secretary Welfare or the assistant Regimental Secretary Finance and approved by the Controller of the Fund. Major {Retd} Simon Booth-mason. with the agreement of The Rifles Trustees. Maryaret Phillips Bequest This Restricted fund was established in 2018 in memory of Margaret Phillips and allows the Assistant Regimental Secretsry Welfare lo make grants to former members of the Devonshire and Dorset Regiment and its antecedent regiments as well as any member of the Rifles or ils other forming and antecedent regiments living in or bom in Devon and Dorset. Page4
THE RIFLES BENEVOLEKf TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Public bengfrt The following statements take into account the Charity ComrnisSton'5 guidance on public benefit disclosure. The Trustees are conscious that the use of charitable fvnds should have an element of benefit to the public. The object of The Rrfles Benevolent Trust is to provide relief to those who are or have been in the Regiment who are suffering from hardship or distress. The Trustees believe that this demonstrates the Charity's adherence lo the spirit and principle of public benefit. The beneficiary class is Mde and. although it includes current serving personnel, the main beneficiaries are veterans, widows and dependanls. Grants are targeted and based solely upon need - such relief does not duplicate stale benefit. It is therefore considered that there is an identifiable benefit and it is to the individual and to the nation at large_ The existence of the Charity helps lo ensure high morale and high standards in The Rifles and thus contributes to the effectNenes$ of the country's armed forces and this in tum brings tangible benefits to the public. Page 5
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE General Achievoment Lieutenant General Thomas Richardson Copinger-symes CBE took over as Colonel Commandanl on 22 March 2023 and was already an existing ex-officio Trustee. The Governance Sub Committee has again canied out a full review of the risks to which the Charity might be axposed and improvements have been made lo the risk analysis. Income The Care for Casualties Appeal IC4CI, which was launched in March 2010, has again been a substantial source of funds. Although the pace of donations has inevitabty slowed given the passage of b'me and the political decision to W7thdraw from active engagement in Afghanistan, tho appeal brand is well established and will be maintsined. The original target of £4 million by the end of March 2015 was not met by that date, but by the end of December 2018 it had 8¢hed the £4 million target and a$ at 31 December 2023 stood al £4,616,8371£4,532,353). Income to the appeal has been until 31 December 2016 credited in the first instance lo The Rifles Regimental Trust, and 510/0 IS then transferred to Th8 Rifles Benevolent Trust for the long-lerm care of casualties and other beneficiaries of the Trust. The balance was taIned in the Casualty Support Fund, a Designated Fund in the Regimental TrusL to gnie more immediate supwrt lo casualties. With Effect from 31 December 2016 all C4C Funds were transferred to The Rifles Benevolent Trust and included in the unrestricted funds of the Charity- However, expenditure under C4C criteria will continue to be identified separately to ensure full accountability and in order that those who contributed lo the appeal can see how the funds are being expended. Total voluntary income to the Trust was £492,823 {£782,6141. of which £84,434 (£64,560) was accounted for by C4C from donations. Another main source of income 15 the subscriptions from offiGers and soldiers under the Day's Pay Scheme. These tolalled £132,122 1£131,2991 the income over the year has reduced as the Trustees have approved a reduction in income from the Days pay Scheme from October 2021 from 51°A to 40%. This will be reviewed annually and was reaffimied in October 2023 This has been possible due to other income to the Trust from Legacies enabling the changes to be Tnade without any detriment lo existing beneficiaries. The percentage of all ranks subscribing under this voluntary Scheme remalns above 950/.. Investment income {Restricted & un$tCted Funds) totalled £357,5051£306,9521 which was increased after o years of dced income due to COVID 19. The online givlng facility through JustGiving.com continues lo be highly successful in gathering donations for C4C and is particularly useful in that it automalicalty reclairns Gift Aid on qualifying donations. Several individual donors raising sponsorship for specific activities have set up their own Just Giving accounts for the C4C Appeal. Some funds will conts.nue to be received into the Rifles Regimental Trust which wll be transferred across to The Riftes Benevolent Trust on a regular basis. Other General donations tolalled £201,604 1£101,565} including a donatton of £175.000 from the "Antioch Selllement" and lega¢ie$ lot211ing £37,916 (£484,216) were received in the year. Grants As can be seen from Note 7 to the Accounts, grants to a total of £576,6441£544.7471 were made of which £524,155 (£491,680) were made from untricted funds, during the year. All grants were processed via RHQ with individual grant5 totalling £422,753 (£399,155) made in support of a total of 653 {6451 of a total of 745 1697) cases, {including a Small number of Homes Fees)- £65,000 (£53,200) was granted to battalions to help with the support of familie5 whilsl the battalion was on active service as well as in recognition of separation due lo other deployments overseas. Al the end of the year, a grant of £60,0001£60,0001 was again made to ABF The Soldiers, Charity in recognition of the support that it gives to individual benevolent Cases and to other seNice charities that support Rfflemen and, currently, to the Regiment's Casualty Capability. In 2023 saw an increase in applications from 397 to 745 for which the main reasons for which were a falling away of Government support given during COVID 19, inflation and the introduction of the AARP which in itself increased cases dealing with Mental Health and PTSD from 149 to 183. Page 6
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Tesco Grocery Voucher Scheme In 2022 due to inflation as well as other factors Trustees identified a need to In some way support families throLJgh difficult times in a simple efficient manner. Having consulted with the Charity Commission and auditors an online g¢heme using the Regiment's online presence in conjunction with Tesco's was devised whereby individuals could apply for a £100 grocery card. Verilicatson of entitlement as a member of the Regiment was canied out by them registering with The Rifles Neiwork where Ihty were only allowed access once their connection lo the regiment was established. The initial phase allocaled £100K to the project this was extended with a further £100K in a second tranche. In addition a small number of cards werè held by RHQ which enabled support to be given lo those who did not have acces5 to on line facilities. As at 31 December £156,175 had been distributed and the inib'atwe remains ongoing. RGJ Ladies Guild Fund The Ladies Guild had a quiet year with no specific individual request they having been met from the main Benevolence Trust, 16 1161 widows received a grant with their Christmas Card and a further 11 1121 a Christmas Card only. Green Jacket Close Of the 22 cottages, including that of the Propety Manager (formerly Warden), and flats in Winchester 21 were occupied or allocated with a healthy waiting 51st. One flat was given over in January 2023 to act as welfare flat lo support the AARP and provide a safe place, in the short term, for those most In immediate need of accommodation whilst the AARP ersgaged in securing more permanent accommodation, jobs and wrth mental health Support. Most of the remaining proFerties are occupied by ex-Royal Green Jackets or its antecedent regiments, although ex-soldiers of the other Forming Regiments are actively encouraged to put their names on the waiting list. Recently awareness has been raised through the Regiment's various Social media outlets and additional applications are being received. Ongoirbg maintenance and modernisation continues to be carried out where reqLJired to maintain and enhance the properties and living Conditions of the residents. Improvements ale also made wth adaptations Identifi and supported by Winchester Council through disabilities facilities grants IDFGSI. Page 7
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Risk Management Trustees Consider that the variety of investments with a diversified investment portfolio exercised through the Fund managers, Cazenove Charitiès, along with a "total retum" approach. This allows a drawdown on caprtal of 3%, including inveslment income, plus an uplift factor to meet budgetary requirements11 Q/D for 20231 which is monitored and recommended by the investments sub-committee and helps to stabilis8 ihe incorne and mitigates the risks as far as is possible. The Trustees will also approve a fvrther drawdown of capitsl were deemed necessary to meet essential demands in support of the Regiment (serving, former and antecedent) its Riflemen and their dependents. However, in ordÉr to meet any extraordinary demands placed upon it a reassessment of the level of 9rants awarded takes place at their January meeting each year with any adjustment necessary being made to ensure the long-term ability to support the Regimental family. Key managoment Personnel Remunerntlon The Trustees consider the board of Trustees and the Rifles Regimental Secretary {also a Trustee) and the Rifles Secretary Finance as the Key Management personnel of the Charity. All Trustees give of their time freely and are not remunerated for their time spent on work on behalf of the charity. The day-towday management is invested in other senior representatives in RHQ The Rifles who are employed and salaried by the Ministry of Defence. Remuneration of the Regimentrdl Secretary as a Trustee has been approved by the Charity Commissioners and the sum along with any other ex gratia awards to the other senior members of RHQ Staff are approved by a special meeting of Trustees held every 3 years. All awards are made annually and are SCTutinised and approved by the Remunerations Sub-committee. The Remunerations Sub-committee also screens any other ex gratia awards recommended by the Regimental Secretary for other members of the RHQ staff from an agreed budget. Payment of awards will generally be paid in December of each year. Declaration of any related paty issues are contained as appropriate in the auditorf5 notes as been no such conflict in the current year. In a55es5ing the awards trustees assess against performance as there is no benchmark with which to compare the exratia payments. Trustees are also required to disclose all relevant interests in connection with any grant application and In accordance with the Trusvs policy withdraw from discussions where any conflict of intsresl arfses. There has been no such conflict in the CLtrrent year. STRUCTURE. GOVERNANCE AND MANAGEMETr Governlng do¢ument The charity is controlled by its goveming document a deed of trust and constitutes an un1n¢orFted charity. Page 8
THE RIFLES BENEVOLEKf TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMENT Background and Stru¢ture The Charity was estsblished by a Trust Deed approved by the Charity Commission dated 1 April 2007. It was fomied to manage the benevolent funds of the nY formed regiment. The Rifles, which had been created on 1 February 2007 by the merger of The Devonshire and Dorset Light Infanty (DDLI), The Light Infantry ILII. The Royal Gloucestershire, Berkshire and Wiltshire Light Infantry {RGBWLII and The Royal Green Jackets IRGJI, including their Territorial and Volunteer Units. These are the 'Fomiing Regiments, and the Trust is sufficiently widely drawn to be able to help not only serving and former members of the Regiment (The Rifle$) bLJI also of the Forming Regiments and of their various Antecedent Regiments, including Reserve units. The Objects of the Trust are to relieve serving or former members ot the Regiment or former members of the Fomiing Regiments or the dependanls of such persons who are in need by virtue of financial hardship, sickness or old age. Since the Trust can support former members of the Forming Regiments, the Trustees of those Regiments have transferred into the Trust the money that they were previously managing for their own benevolent purposes. Funds can be 'ring fenced. in Restricted funds for 5pecifiG 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 Rifles Regimental Trust, The Rifles Benevolent rrusl and The Rifles Officers, Fund. the business of which is conducted at thè same meetings of Trustees. Governance There are up to eight Icurrenuy six) ex-officio Trustees, being the Colonel Commandant, Deputy Colonel Commandants and olher senior serving officers of the Regiment. In addition. there are up to twelve (currently nine) Nominated Trustees the majority of whom have specific skills such as in the investment or legal fieSds and others have commanded battalions of The Rifles or of Forming Regiments. A Nominated Truslee musl be an officer or warrant officer, or former officer or warrant officer, of the Regiment or of a Forming Regiment and may include a wife or widow of such. In making such appoinlrnents care is taken tt) ensure representation from each of the Former Regiments. Nominated Trustees are elected for terms not exceeding four years and may be re•elected for a maximum of 4 terms. Re•elections 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 (Retired) John Poole Warren MBE and Mr Andrew Jackson retired without replacement. Mr Jeremy Archer and Mr 0Siver Marsh agreed lo continue as Trustees and were re-elected. Meekn'ngs of the Trustees are held quarterly, normally in January, April. July and October. The Trustees have a Nomination Sub Comrnittee which, annualty and when a vacancy occurs, considers suitable Gandidate5 to reinforGe the skills or representation of the Trustee5 and proFX)ses candidates to The Rifles Council for nomination. New nominated candidates, a5 well as Nominated Trustees seeking t&election, are elected by the Trustees al the Spring Isecondl meeting each year. New Nominated Trustees are briefed by the Chairman of Trustees and on appointment are given an induction pack of background information on each of the Regimental Charities, including copies of Trust Deeds, annual accounts and minutes of recent meetings, and a copy of Charity Commission booklet 'Responsibilities of a Charity Trustee,. Training through seminars elc is made available for all Trustees. Other Sub Committees. to cover the work of all The Rifles Charities. have been formed for Governance. Finance, Grants, Remuneration and Investment. In addition, there is a Homes Sub Committee to manage propertie5 (Green Jacket C105el owned by The Rifles Benevolent Tnjst. The Nomination Committee annually reviews the membership of Sub ComThittees to ensure that Trustee5 use their skills appropriately and gain experience from the work of such Sub Committee5. The risks lo which the Charity is vulnerable are reviewed annualty 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 Ihe systems established to miligale such risks. They are not aware of any irregularities. including Iraud, involving management or employees of the Charity,. nor are they aware of any instances of actual or non-compliance wth laws, regulations, contracts or agreements that might result in the Charity suffering significant penalties or other loss. Page 9
THE RIFLES BENEVOLENTTRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT In 2016 by unanimous agreement of the Trustees basic bookkeeping of all the Regimental Trust Accounts was outsourced lo a firm of professional bookkeepers in Gloucestershire, Trust Accounting. The seventh full year of independent operation in 2023 incurred costs of 7,279 1£7,083} below the estimated cost and the liaison beeen Regimental Headquarters and Trust Accounting conts'nues to develop with an excellent service being provided. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty numbgr 1119071 Prfn¢lpal address RHQ The Rifles Peninsula Barracks Romsey Road Winchester Hampshire S023 8TS Trustegs 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 Charles 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 Alexander Balls OBE Lieutenant Colonel John Alexander Poole-vvarren MBE- Retired 25 January 2024 Lieutenant Colonel Simon David Gray MBE Captain Robert Gribble Jeremy Michael Archer Simon Charles Hazlitt - Chaimian Andrew George Wycliffe Jackson - Retired 26 January 2023 Rebe¢¢a Charlotte Maciejewska Oliver Rupert Marsh Henry Charles Sleel The offices of the Charity are based in the Regim8rrtal Headquart8r5 of The Rifles which is an MOD establishment and th8 officia15 are cNil servants employed by the MOD- therefore neither accommodation nor stafFing incur any cost to the Charity. Throughout 2023 the person responsible for the day lo day running of the Charrty was The Rrfies Regimental Secretary and Trustee, Lieutenant Colonel (Retired) PJA Balls OBE assisted throughout the year by The Rifies Secretsry Finance, Captain (Retired) I l Foster Auditors molS Crocker Limited Chartered Accountants Statutory ALMlitors Station House North Street Havant Hampshire Pog 1QU Page 10
THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Bankers Royal Bank of Scouand plc Military Banking Lawrie House Victoria Road Farnborough Hampshire GU14 7NR Sollcltors Blake Morgan New Klngs Court Tollgate Chandlerfs Ford Eastleigh S053 3LG Invastment Managers Cazenove Capital Management 1 London Wall Place London EC2Y SAU STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charitie5 Act 2011, Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial stalernenls for each financial year whiGh give a true and fair view of the stste of affairs of the charity and of the incoming resources and applicatiDn of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required lo select suitable accounting policies and then apply them consistently. 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 financlal slalemenls., prepare the financial statements on the going ooncern basis unless it is inappropriate to presume that the charity will continue in business. The ttustees are responsible for keeping proper accounting records which disclose with reasonable accuracy 3t any time the financial position of the charity and to enable them to ensure that the financial slalemenls comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provision5 of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularits'es. Approved by order of the board of trustees on nd slgned on Its behalf by.. S C Hazlitt - Trustee Page11
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RIFLES BENEVOLENT TRUST Opinion We have audited the financial statements of The Rifles Benevolent Trust Ilhe 'charity) for the year ended 31 December 2023 which comprise the Stslement of Financial Activitie5, the Balance Shee( 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 Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Praclice)- In our opSnion the financial stslements.. give a true and fair vlew of the stale of the charws affalrs as at 31 December 2023 and of $ incoming resources and application of resources, for the year then ended., have teen property prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prtpared in accordance with the requirements of the Charib'es Act 2011. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK} IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that aff relevanl to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo piovide a basis for our opinion. Concluslons relatlny to going concern In auditing the financial statements, we have concluded that the trugte&s' us8 of th6 going wncern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenis or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least e7Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concem are dexribed In the relevant sections of this report. Other InloTrnatlon The trustees are responsible for the other infomiation. The other inforrnation comprises the inforrnation in¢luded in the Annual Report, other than the finanGial ststements and our Repori of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othemse explicit stated in our report, we do not express any fomi of assurance conclusion thereon. In connection wth our audit of the financial statements, our responsibility is to read the other infomiation and, In doing so, consider whether the other information is materially inconsistent ¥Mth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or appawt material misstatements, we are required to detemine whether this gives rise to a material mFSStatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that facL We have nothing to report in this regard. Matters on which 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 to report lo you if, in our opinion.. the information gwen in the Report of the Trustees is inconsistent in any material respect with the financial statements,. or sufficient accounts'ng rerdS have not been kept or the financial statements a not in agreement with the accounting records and retums,. or we have not received all the information and explanations we require for our aud Page 12
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE RIFLES BENEVOLENT TRUST Responslblllties of tru$tees As explained more ful 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going Concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibllltles for the audit ol the financial statements We have been appointed as audrtors under Section 144 of the Charrties Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance wth ISAS (UK) will always detecl a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they ¢oulcl reasonably be expected lo Influen the economic decisions of users taken on the basis of these nancial Stslements. From discussion with management and those charged with govemance information about the entity is documented to assess the activity within the organisation. We discuss managemenvs assessment of risk in respect of irregularities, fraud and going concern. Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of ¢ul off issues and management override concernin9 the ssze of the or9anisation. We set financial statement matertality level based on the level of income. As a not for profit organisalion raising income 15 115 primary ftKus which is why income was used lo determine the level of rnateriality- Our overall assessment of risk was used to detsrmine performance materiality at an appropriate level. Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough teshng confimied documented systems which have been designed lo act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing lesled a sarnple of the population, representatwe of the population, to identify errors. The testing did not identify any material misstal8menls in areas tested. Audit substantive tests concluded no material errors over the key risk area5 of income recognition and management override. The audit considers the orgarni5ation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation. A further description of our responsibilrties for the audit of the financial statements is located on the Financial Reporting Council's website at w.frC.Org.uklaUdlt0rSfesponSlb1lI1les. This description forms part of our Report of the Independent Auditors. Page 13
REPORT OF ThE INDEPENDENT AUDITOR8 TO THE TRU8TEES OF THE RIFLES BENEVOLENT TRUST Use of our report This report is made solely to the charity's truslaes, as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charitys 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 ¢h8rity and the charitys tru$tse$ as a body. for our audit work, for this report, or for the opinions we have formed. Morris Crocker Limited Chartered Accountants Statutory Auditors Station House North Street Havant Hampshi P09 1QU Date.. Page 14
THE RIFLES BENEVOLENTTRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 455,396 37,429 492.825 782,614 Charitablo activities RHQ 68,342 68,342 63,164 Investment income 336,063 21,H2 357,505 306,952 Total 791,459 127,213 918,672 1,152,730 EXPENDITURE ON Rai51ng funds 79,126 4,331 83,457 75,302 Charitablo activities RHQ Green Jacket Ck)se RGJ Ladi85 Guild ABF Battalions C4C Peter Bateman Bursary Joanne Boolh-mason Memorial fund Mara9arel Phillips Legacy Fund 503,316 503,316 111,665 2,708 60,000 65,000 63,300 2,125 5,384 42,282 618.339 85.725 4.075 60,000 53,200 63,586 5,605 3,478 40,034 111,665 2,708 60,000 65,000 63,300 2.125 5.384 42,282 Total 770.742 168,495 939.237 1,009,344 Net gains1(lossesl on investment5 695,104 41,517 736.621 {1,327.179) NET INCOMEIIEXPENDITURE) 715.821 235 716.056 {1,183.793) RECONCILIATION OF FUNDS Total funds broughl forward 16,240,338 6,447,943 22,688,281 23,872,074 TOTAL FUNDS CARRIED FORWARD 16.956,159 6.448,178 23.404,337 22,688.281 The notes form part of these financial slatements Page 15
THE RIFLES BENEVOLENT TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS Tangible assets Investments 12 13 5,345,000 5,345.000 18,007,867 17.173.745 23,352,867 22,518,745 CURRENT ASSETS Debtors Cash at bank 14 92,298 26,063 103,559 137,650 118,361 241,209 CREDrfoRS Amounts falling due wiihin one year 15 {66,891) 171,6731 CURRENT ASSETS 51,470 169,536 TOTAL ASSETS LESS CURRENT LIABILITIES 23,404,337 22,688.281 NET ASSETS 23,404.337 22,688,281 FUNDS Unrestricted funds Restricted funds 17 16,956,159 16,240,338 6,448,178 6,447,943 TOTAL FUNDS 23,404,337 22,688,281 The financial statem nts were approved by the Board of Trustees and authorised for issue on nd were signed on its behalf by.. S C Hazlitt- Trustse The notes fomi part of these financial statements Page 16
THE RIFLES BENEVOLENTTRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng activities Cash generated from operations {24,16n 225,205 Net cash (used inllprovided by operating activities 124,1871 225,205 Cash flows from investing a¢tlvltles Purchase of fi.xed asset investments Sale of fixed asset investments Interest received Dlvldends 1Ved 14,548.862) 4,451,361 1,131 8,950 14,773,957} 4.543.957 311 12.331 Net cash useé in investing actNities 187,420) (217,358} Change in cash and cash equlvalents in the reporting perlod Cash and ¢ash equivolents at the beginning of the reportlng perlod (111,5871 7,847 137,650 129,803 Cash and cash equlvalgnts at thè end of th¢ reporting perlod 26,063 137,650 The notes fom part of these financlal 5tstemenls Page 17
THE RIFLES BENEVOLENT TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 310ECEMBER 2023 RECONCILIATION OF NET INCOMEIIEXPENDrruREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net in¢omellexpendlture) for the reportlng pgrfod las per the Statement of Financial Activitie8> Adjustmgnts for: IGain)llosses on investrnents Interest received Dividends received Decrease in debtors (Decreasellincrease in creditors 718.056 11.183,7931 1736,621) (1,1311 18.9501 11.261 14.7821 1,327,180 1311) 112,331} 91,627 2,833 Net cagh (used Invprovlded by operations 124.16n 225,205 ANALYSIS OF CHANGES IN NET FUNDS At1.1.23 Cash flow At31.12.23 Net cash Cash at bank 137,650 (111,5871 26,063 137,650 {111,587} 26,063 Total 137,650 {111,587) 28,063 The not8s form part of these financial staternents Page 18
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the flnanclal statements The financial statement5 of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 1021 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial ststements have been prepared under the historical cost convention. with the excepb'on of investments which are Incluéed at market value, as modified by the revaluation of certain assets. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, il is probable that the income will be recewed and the amount can be measured reliably. Income is deferred when the donor attache5 conditions outside the charity's own control or specifies that the resources are to be used in a future accounb.ng period. Voluntsry income including donations, regimental subscriptions and grants that provide core funding or are of general nature are recognised when there is enttlement, ceftainty of receipt and the amount can be measured. Expendltur8 Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to th81 expenditLtre. 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 Gategory. Where costs cannot be directly allributed lo particular headings they have been allocated lo activiti'e5 on a basi5 consistent with th8 use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Allocation and apportionment of costs Overhead and support costs have been allocated first beeen charitable activity and governance. Overhead and support costs relating to charitable aclivitr'es have been apportioned equally between activities. Tangible fixod assets Freehold property represents Green Jacket Close, no depreciation is proVed for on this asset. Taxation The charity is exempl from tax on its charftable activities. Fund accounting Unre511icted funds can be used in accordance with the charitable objectives at the discretion of the Trust Reslricted furK15 can only be used for particular purposes within the objects of the chanty- Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is illcluded in the Trustees Report and the notes to the accounts Pension costs and othor Pt-retIrernent benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged lo the Statement of Financial Activities in the period to which they relate. Pag8 19 continued...
ThE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES . contlnued Flnanclal Instruments The charity only ever enters into basic financial instruments transactions that result in the recognition of financial assets and liabilits'es like trade and other accounts receivable and payable, loan5 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 at transaction price, less any impairment. Loans receNable are measured initially al fair value, net of transaction cost, and are measured subsequenuy at amortised cost using the effectwe interest method, fess any impairment. Cash and ¢ash equlvalents Cash and cash equivalents comprise cash and bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within ljorrowings or Current liabilities. Trade and olher creditors Short term trade creditors are measured at the transaction price, Other financial liabilities, including bank loans. are measured initially at fair value, net of transaction costs. and are measured subsequently at amortised cost using the effective interest method. Reallsedlunreali8ed gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised galns and losses on investments are calculated as the difference ben sale proceeds and opening market value or purchase date if later. Unrealised galns and losses are calculated as the drfference beeen the marf(et value at the end of the year and opening market value, or purchase date rf later. Realised and unrealised gains are nol separated in the ststement of finaneial activitie5. DONATIONS AND LEGACIES 2023 Total funds 2022 Total funds Unrestricted Restricted nds funds Donalions - C4C Gift aid Legacy income Regimental subscriptions Joanne Booth Mason Memorial Donations - general 84,466 84,466 64,563 446 484,216 131,299 527 101,563 37.916 131.500 37,916 132,122 36,717 201,604 622 36,717 201.514 455,396 37,429 492.825 782,614 INVESTMENT INCOME 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Investment income - general Investment income - GJ Close Investment income - RGJ Bateman bursary Investment income- Booth Mason Margaret Phillips Legacy 334.932 334,932 7,686 287,076 7,234 4,160 282 173 7,716 7.686 232 245 8,473 232 245 8,473 Carried forward 334,932 18,636 351,568 306,641 Page 20 continued..
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT INCOME- contlnued 2023 Total funds 2022 Total funds Unrestricted Restricted funds furids Brought foThvard Deposit account interest Investment income- Ladies Guild 334,932 1.131 16,636 351,568 1,131 4,806 3C,641 311 4,8Ckf 336,063 21,442 357,505 306,952 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity RHQ Management fee 68,342 63,164 RAISING FUNDS Investment managamont costs 2023 Total funds 2022 Total funds Unrestricted Restricted funds funds Investment management fees C4C fundraising costs 68,128 10,998 4.331 72,459 10,998 73,864 1,438 79,126 4,331 83,457 75,302 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 7} Support costs (see note 81 Direct Costs Totals RHa Green Jacket Close RGJ Ladie5 Gulld ABF 44.253 111.487 335,855 123,208 178 503,316 111,665 2,708 60.000 65,000 63,300 2,125 5,384 42,282 2,700 60,000 65,000 63,300 2,125 5,384 42,282 Battalions C4C Peter Bateman Bursary Joanne Booth-mason Memorial fund Maragaret Phillips Legacy Fund 155,740 576.646 123,394 855.780 Page 21 continued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnuod FOR THE YEAR ENDED 31 DECEMBER 2023 GRANTS PAYABLE 2023 2022 RHQ RGJ Ladies Guild 335,855 2.700 60,000 65,000 63,300 2,125 5.384 42.282 314,894 3,950 60,000 53,200 63,586 5,605 3,478 40,034 Battalions C4C Peter Bateman Bursary Joanne Booth-mason Memorial fund Maragaret Phillips Legacy Fund 576,646 Sd4,747 The total grants paid to institutions during the year was as follows: 2023 2022 RGJ Ladies Guild Chrsilmas grants ABF Battallons C4C Peter Bateman Bursary Joanne Booth-mason Memorial fund Maragaret Phillips Legacy Fund Winchester- General 2.700 60,000 65,000 63,300 2,125 5,384 42,282 335,855 8.765 60,OCKI 63,586 5,605 43,512 363,279 576,646 544,747 SUPPORT COSTS Govemanca costs Management Finance other Totals RHQ Green Jacket Close RGJ Ladies Guild 78,031 178 30 37,846 7,301 123,208 178 78,217 30 37,846 7,301 123,394 Support costs, included in the above. are as follows.. Management 2023 2022 Gen Jacket Close RGJ Ladies Guild Total activities Total activities RHQ Wages Social security Pensions Telephone Postage and stationery Legal fees Bank interest 71,487 4,947 855 318 104 320 71,487 4,947 855 496 112 320 50,075 2,873 827 857 485 1.590 178 78,031 178 78,217 56,716 Page 22 collb'nued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS- continued Finance 2023 2022 Total activiJes RHQ Sundries Bank charges 121 30 30 12) Govemance costs 2023 2022 Total activities RHQ Auditors remuneration 7,301 7,018 TRUSTEES. REMUNERATION AND BENEFs With the Charity Commission's approval, Lt Col P Balls OBE, Regimer)lal Secretary and a Trustee was paid £4,000 for his exceptional Contribution to the Charity (2022- £4,000>. Trustoes. gxpenses During the year nil trustees {2022'. nil) were reimbursed out of pocket expenses totalling £nil 12022." £nil). 10. STAFF COSTS Key Management Personnel The key management personnel of the charity comprise the Trustees and the Assistant Regimental Secretary Finance. The total employee benefits of the key management personnel of the charity were £2,50012a22'. £2,500). This does not include all remuneration for the Assistant Regimental Secretary Finance, as this role forms part of the day to day management which is invested in other senior representatives in RHQ The Rifles. who are employed and salaried by the Ministry of Defence. Trustee remuneralion is reported in note 10. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricled Reslricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donakn'ons and legacies 781.995 619 782,614 Charltable actlvlties RHQ 63,164 63,164 Investment income 287.387 19,565 306,952 Total 1,[9,382 83,348 1, 152.730 EXPENDITURE ON Raising funds 70,588 4,714 75,302 Charltable aetlvltles RHQ Green Jacket Close 561,830 3.445 56,509 82,280 618,339 85.725 Page 23 continued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continuod Unrestricted Restricted funds funds Totsl fvnds RGJ Ladies Guild ABF Battalions C4C Peter Bateman Bursary Joanne Booth-mason Memorial fund Maragaret Phillips Legacy Fund 3,950 60.000 53,200 63,586 5,605 3,478 40,034 125 4,075 60,000 53,200 63,586 5,605 3,478 40.034 Total 865,716 143,828 1,009,344 Net gainslllossesl on investments {1,244,9g81 182,181) 11,327.179) NET INCOMEI{EXPENDITURE) {1.041,3321 (142,461) (1,183.7931 RECONCILIATION OF FUNDS Total fvnds brought forward 17,281,670 6,590,404 23,872,074 TOTAL FUNDS CARRIED FORWARD 16.240,338 6,447,943 22,688.281 12. TANGIBLE FIXED ASSETS Freehold property COST At 1 January2023 and 310ecember2023 5,345.000 NET BOOKVALUE At 31 December 2023 5,345,000 At 31 Dernber 2022 5,345,000 13. FLXED ASSET INVESTMENTS Llsted Investments MARKET VALUE At 1 January 2023 Additions Capital draw down Net IL055es}Igain5 17.173.745 4.548,862 14,227,395) 512,855 At 31 December 2023 18,007,867 NET BOOK VALUE At 31 December 2023 18.007,867 At 31 December 2022 17,173,745 Page 24 conts'nued...
THE RIFLES 8ENEVOLENTTRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. FIXED ASSET INVESTMENTS - Continued Investments are held in portfolios managed by Schroders and St James's Place. The market value of investments by geographical area is as follows.. Market value Within the United lQngdom Outside the United Kindom 5,516,907 12,490,960 18.007,867 Cost or valuation at 31 December 2023 is represented by.. Listed investments Valuation in 2023 Cost 512,655 17,495,212 18,007,867 14. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other debtors Rifles Regimental Trust 72,305 19,993 83,566 19,993 92,298 103,559 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 other creditors 66,891 71,673 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Total funds 2022 Total funds unstrICted Restricted funds funds Fixed assets Investments Current assets Current liabilities 720,000 16,998,990 1696,9411 (65,8901 4,625,000 5,345,000 5,345,000 1,008,877 18,007,867 17,173,745 815,302 118,361 241,209 11,001) 166,891) {71.6731 16,956,159 6,448,178 23,404,337 22,688,281 Page 25 continued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS Net movement in furKJs At 31.12.23 At1.1.23 Unrestricted funds General 16.240,338 715,821 16.956,159 Restricted funds Green Jacket Close RGJ Ladies Guild Peler Bateman Bursary Margaret Philips Legacy Fund Joanne B¢)olh-Mason 5.746,023 237,783 16,914 435,096 12,127 {23.371) 11,617 11,635) {19,434) 33,058 5,722,652 249,400 15,279 415,662 45,185 6,447,943 235 6,448,178 TOTAL FUNDS 22,688,281 716,056 23,404,337 Net movement in funds, included in the above are as follows.. Incoming resources Resourc8S expended Gains and losses Movement in funds Unrestrl¢tod funds General 791,459 (770,7421 695,104 715,821 Re$lricted funds Green Jacket Close RGJ Ladies Guild Peter Bateman Bursary Margaret Philips Legacy Fund Joanne Booth-mason 76,117 5,428 232 8,473 36,963 {113,2091 13,6831 12,1711 143,9911 15.4411 13,721 9,872 304 16,084 1,536 123,3711 11,617 {1,6351 119.4341 33.058 127.213 (168,4951 41,517 235 TOTAL FUNDS 918,672 1939,2371 736,621 716.056 Page 26 continued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - continuod FOR THE YEAR ENDEO 31 DECEMBER 2023 17. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.12.22 At1.1.22 Unreslrlcted funds General 17,281,670 11,041,332) 16.240.338 Restricted funds Green Jacket Close RGJ Ladies Guild Peter Bateman Bursary Margaret Philips Legacy Fund Joanne Booth-mason 5.793.361 256,495 23,239 501,895 15,414 147,3381 118,712} 16,325} (66,799) 13,28n 5,746,023 237.783 16.914 435,096 12,127 6.590,404 1142,461) 8,447,943 TOTAL FUNDS 23,872,074 {1,183,7931 22,688,281 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General 1,069,382 1865,716) {1,244,998) (1,041,332) Restricted funds Green Jacket Close RGJ Ladies Guild Peter Bateman Bursary Margaret Philips Legacy Fund Joanne Booth-mason 70,398 4,252 282 7,716 700 187,466) {5,077) {5,6731 141,8941 13,5181 130,270) 117,887) 1934) 132,6211 14691 (47,3381 (18,7121 {6,3251 (66,799} 13,287} 83,348 {143.6281 182,1811 {142,461} TOTAL FUNDS 1,152,730 (1,oa9,3441 11,327.1791 (1,183,793} Page 27 continued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS - continued A current year 12 months arKI prior year 12 months combined posiliorb is as follows.. Net movement in funds At 31.12.23 At1.1.22 Unrestrlcted fund8 General 17,281,670 1325,511) 16.956,159 Restrfcted funds Green Jacket Close RGJ Ladies Guild Peter Bateman Bursary Margaret Philips Legacy Fund Joanne Booth-mason 5,793,361 256,495 23,239 501,895 15.414 {70.709) (7,095) 17,9601 186,2331 29,771 5,722,652 249,400 15,279 415,662 45,185 6,590,404 1142.226) 6.448,178 TOTAL FUNDS 23,872,074 1467,7371 23,404,337 A ¢urrent 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 Movement losses in funds Unrestrlcted funds General 1,860,841 (1,636,458) 1549,894) (325,5111 Restrlcled fynds Green Jacket Close RGJ Ladies Guild Peter Bateman Bursary Margaret Philips Legacy Fund Joanne Booth-mason 146,515 9,680 514 16,189 37,663 1200,675) 18,760) 17,844) (85,885) 18,959) 116,549) (8,0151 {6301 116.5371 1.067 {70,7091 (7,0951 17,9601 (86,2331 29,771 210,561 1312,123) 140.6641 1142,2261 TOTAL FUNDS 2,071,402 (1,948,581) 1590.558) 1467,7371 18. RELATED PARTY DISCLOSURES The Rtfies Regimental Trust and The Rifles Officers Fund are both related parties of The Rrfles Benevolent Trust as all three Charities have the same board of Trustees. During the year The Rifles Regimental Trust transferred £132,122 12022.. £131.2991 to The Rrfles Benevolent Trust for Regimental Subscriptions and £51,03512022.' £51,605) ft)r donations and Gift Aid that are received into The Rifles Regimental Trust, but due to The Rifles Benevolent Trust The Rifles Regimental Trust also paid IT costs of £25,750 {2022'. £25,750) on behalf of the Rifles Benevolent Trust The Rifle5 Regirnental Trust salaries are paid through The Rifles Benevolent Trust During the year The Rifles Rlmental Trust transferred £17,500 (2022.. £17,500) to The Rifles Benevolent Trust for salaries. Page 28 continued...
THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 18. RELATED PARTY DISCLOSURES - continugd At the year end The Rifles Regimental Trust owed The Rifles Benevolent Trust £29.357 12022.. £19,994}. The Rifles Regimental Museum Trust salaries are paid through The Rifles Benevolent Trust. During the year The Rfftes Regiment21 Museum Trust transferred £25,750 {2022.' £14,432} to The Rifles Benevolent Trust for salaries. At the year end The Rffles Regimental Museum Trust owed The Rffles Benevolent Trust £nil 12022.. £nil), The charity is partly administered by ernployee5 of the Ministy of Defence. In addition. the charity also makes use of office Space and other office facilib.es provided, including computer equipment, postage and stationery. These support costs are difficult to quanb.fy as they are not discrete actNilies because personnel and office facilities are used for other Army duties. As such the value of support provid by the Ministy of Defence has not been included in the chartws Ststement of Financial Activities_ Page 29
THE RIFLES BENEVOLEirr TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER2023 2023 2022 INCOME AND ENDOWMENTS Donations and legacie6 Donations - C4C Gift aid Legacy income Regimental subscriptions Joanne Booth Mason Memorial Donations- general 84.466 64,563 446 484.216 131,299 527 101,563 37,916 132,122 36,717 201,804 492,825 782,614 Inve8tment income Investment income - general Investment income- GJ Close Investment income- RGJ Bateman bursary Inveslrnent Incom Booth Mason Margaret Phillips Legacy DeF)osit account interest Investrnent income- Ladies Guild 334,932 7,686 287,076 7,234 4.160 282 173 7,716 311 232 245 8,473 1,131 4,806 357,505 306.952 Charltable aetlvltles Management fee 68,342 63,164 Total incoming resources 918,672 1,152,730 EXPENDITURE Investment management costs Investrnenl management fees C4C fundraising costs 72,459 10,998 73.864 1,438 83,457 75,302 Charitable activitie8 Wages Social security Pensions Insurance Accountancy fees Vouchers No description Training Gosts Wreaths Repairs and Maintenance Travelling costs Staff honoraria Carried forward 14,010 765 630 2,952 7,279 13,730 676 562 8,018 7,083 156,275 260 5,220 3,182 67,382 24,508 12,000 298,896 6,125 93,130 25,349 5,500 155,740 This page does not form part of the statutory financial statements Page 30
THE RIFLES BENEVOLENT TRUST oAlLED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Charltable activitie¥ Brought forward Grants to instrf(ution5 155,740 576,646 298.896 544,747 732,386 843,643 Support costs Management Wages Social security Pension5 Telephone Postage and stationery Legal fees Bank interest 71,487 4,947 855 496 112 320 50,075 2,873 827 857 485 1,590 78,217 56,716 Flnance Sundries Bank charges 12) 30 30 12) Other IT support costs 37,846 26,667 Goveman¢o costs Audllors remuneration 7,301 7,018 Total resoLtrces expended 939,237 1,009,344 Net lexpendlturelllncome before galns and108se8 (20,5651 143,386 Reallsed r8cognised galn8 and 10888s Realised gainslllossesl on fixed asset investments 736,621 {1,327.1791 Ngt Incomel{expgnditure) 716,056 11,183,793) This page dS not form part of the statutory financial ststements Page 31