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.
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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 sOu￿e 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 injU￿d 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 refe￿ed 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 reCommer￿ation 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 fO￿ard 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.
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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 ne￿ed.
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￿$t￿Cted Funds) totalled £357,5051£306,9521 which was increased after
o years of ￿d￿ced income due to COVID 19.
The online givlng facility through JustGiving.com continues lo be highly successful in gathering donations for
C4C and is particularly useful in that it automalicalty reclairns Gift Aid on qualifying donations. Several
individual donors raising sponsorship for specific activities have set up their own Just Giving accounts for the
C4C Appeal. Some funds will conts.nue to be received into the Rifles Regimental Trust which wll be
transferred across to The Riftes Benevolent Trust on a regular basis.
Other General donations tolalled £201,604 1£101,565} including a donatton of £175.000 from the "Antioch
Selllement" and lega¢ie$ 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 un￿tricted 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 ex￿ratia 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¢orF￿ted 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 n￿Y 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 be￿een 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
mo￿lS 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 re￿rdS 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 be￿een 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 proV￿ed 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 P￿t-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 be￿n sale proceeds and opening market
value or purchase date if later. Unrealised galns and losses are calculated as the drfference be￿een
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
G￿en
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 BENEF￿s
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 De￿rnber 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
un￿strICted 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 R￿lmental 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
o￿AlLED 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 d￿S not form part of the statutory financial ststements
Page 31