REGISTERED CHARrrY NUMBER: 1119071 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEpaBER 2024 FOR THE RIFLES BENEVOLEI4T TRUST THE RIFLES BENEVoLEF￿ TRusr col￿ENTs OF THE FIMANCIAL STATEMENTS FOR THE YEAR ENDEI 31 DECEMBER 2024 Report of the Trustees 1 to 10 Report of the Indepandent Auditor5 11 to 13 Statem•nt of Financial kntlvbties 14 Balance Sheet 15 Cash Fl¢w Statement 16 Notes to the Cash Flow Ststement 17 Note$.to the Flnancial Statements 18 to 29 THE RIFLES BENEVOLENT TRusr REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their rewt with the financial stat•m8nts of Ihe Charity for the year ended 31st Decernber 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charibes: Slatempnt of Recommended PTrctice applicable to charitie5 preparing their acs)unts in a(xordante with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)- STRUCTURE. GOVERNANCE AND MANAGEMENT Background and Structure The Charity was established by a Trust Deed approved by the Charity Cornmission dated 1 Awil 2007. It was formed to manage the benavolent fvnds of the newly fomied regiment. The Rifies, had been created 1 February 2007 by the merger of The Devonshire and Dorgèt Lighl Infantry (DDLI). The Light Infantry (Lll, The Royal Gloucestershire, Berkshire and Wiltshire Light Infantry (RGBWLI) and The Royal Green Jackets {RGJ). including thelr Terrilorial and Volunteer Units. These are the 'Forming Regiments. and the Trust Is sufficiently widety drawn to be able lo help not onty serving and former membeT5 of the Regiment (The Rtnes) but also of the Forming Regiments and of their various Antecedent Regiments, induding Reserve units. The Obj¢cts of the Trust arg to relieve serving or former members of the Regiment or former members of the Fomiing Regiments or the dependanls of such persons who are in need ty wrbje of finanrial hardship, sickne55 or dd age. Since the Trust can support fomer members of th8 FormiThJ Regiments. the Trustees of Ih05e Regirnents have transferred into the Trust the money that they were previwsly managing for their own benevolent purposes. Fund5 can be'ring fenced. in Restricted fund5 for speLific purposes rf necessary. The Re9imentsl Tru3tee5 are the Finance Committee of The Rifles Counc41. the goverring body of the Reglm8nl. They are TTUStee5 for all three of the Regimenlal Gharities.. The Rifies Regimental Trust, The Ritles Benevolent Trust and The Rltles Officers, Fund. the business of which 15 conducted al the same meetings of Trustees. Governance There ar8 UP to eight <￿Trent￿ six) ex-officwj Trustee5, be￿9 the Colonel Commandant, Deputy Colonel Commandants and olher senior serving officers of the Regimenl. In addition, there are up to twelve (currendy nine) Nominated Trustees, the majority of whom have specific skills such as in the investment or kgal fietds and others have commanded battalions of The Rffles or of Fomiing Regiments. A Nominated Trustee must be an officer ￿ wa￿ant officer, or former officer or warrant officer. of the R&Jiment or of a Fomiing Regiment and may include a wife or widow of such. In making such appoinlments c8re is tsken to ensure representati(￿ from each of the Former Regiments. Nominated Trustees are elected fc￿ lemis not exceeding four years and may b8 rè-818Cted for a maximurn of 4 temis. Re-elections are rotational and take place annually nomially at the April Trustees meeling. In 2024, Lieutenant cok￿81 (Retired) John Poole waIT￿ MBE and Mr Andrew Jackson retired without replacemenl. Mr Je￿rnY Arther ané Mr Oliver Marsh agreed to continue as Trustees and were rE*lected. Meetings of the Truslees a￿ held quarterly, normally In January, April. July and October. The Trustees have a Nomination Sub c￿nmIttee *thiGh. annualty and when a vacanry (wjrs. considers Suitabte candidates to reinforce the sknlls or rep￿Sen￿tIOn of the Trustees and proposes candidates to The Rifles Council for nomination. nominated candidates. as well as N(xninated Trustees seeking re-election. are elected by the Trustees al the Spring (second) meeting e*h year. NBW Nominated Trustees are briefed by the Chaiman of Trustees and on appointrF]enl are given an inducticm pack of background infomiation on each of the Regimental Charities. including copies of Trusl Deeds, annual accounts and minutes of recent meetings, and a copy of Charty Commission bDoklet'Re5p(￿5lbI1the5 of a Charity TnJste8'. Training through seminars etc is made available for all Trustees. Other Sub Commiitees, to cover the vth of all The Rifles Charities, have be￿ fomed for Govemance, Finance. Grants, Remuneration and Invesknent. In addltion. there is a Homes Sub Committee to manage properb.es (Green Jacket Close) ownoj by The Rtne5 Benevolent Trust. The Nomination CoThmtitee annually reviews the membership of Sub Committees to ensure that Trustees use their skills appropriatety and gain expemence from the work of such Sub Committees. The iisks lo which the Charity ￿ vuherable ar? reviewed annually by the Trustees after detailed work by the Governance Sub Committee. The Trustees ￿)nsider the rn3jcY risk5 to which the Charity coukd be exposed and review the syslems e$tak￿lShed lo mitr.gate such risks. They are not aware of any inegularities. in¢knling fraud, involving Page 1 THE RIFLES BENEVOLEKf TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT management or employees of the Charity" nor are Ihey abyare of any instances of actual or nonTh¢ompllan¢e with bws, regulations. ￿ntracts or agreernents that mwJht resutt in the ChaTity SLrffering significant penalties or other k)ss In 2016 by unanlmous ￿reernent of the Trustees basic b￿kkeepIng of all the Regimental Trust l*counts was outSfAJrced to a fimi of professional bocA(keepers in Gloucestershire. Trust PLcounting. The eighth full year of independent operdtion in 2024 incurred costs of £7795. The liaison bth8en Regimentsl Headquarter5 and Trust Accounting continues to develop with an excellent 5eryice being provided. OBJECTIVES AND ACTivftlES Income Apart from Investment Income. the mal*J regular source of Income to the Charfty Is from R￿lmental Subs￿lptiOns (the Da¥s Pay Scheme) in whlth most officers and soldiers throughout the Regiment participate. Atl incom8 to Septemb8r 2021 vms received into Thè Rillès Regimental Trust with 51% of the basic income ihen being passed to The Rilles Benevolant TrusL Idvlth 8ff8ct from 1 Octobèr 2021 Tnjstaès havè amended the allocation of income from the Days pay Scheme from 5111A to 40% lo The Rdles Benevol￿1 Trust Thk8 was and reconfirmed at the october 2024 meeting of trustees.and ￿111 ￿nty'nue be reviewed annuafy. This rematns possible due to other income to Ihe Benevolent Tru* from Legacies enabling the changes to be made without any detriment to existing berpfiuarles. The balan￿ (60Yo) is retained by The Rifies Regimentsl Twst. which is able to make grants to The Rifles Benevolent Trust as required and indudes additional CC￿trIbutIOnS from 0￿￿er* which are held in a designated fund io Supp￿ Officer retated advities. All payments the Da￿S Pay Scheme are through Charitable Giwng and ar8 theretse Inclus￿9 of tax. In addition. a major Regimental appeal for funds the fare for Casualties. (Appeal) was LgundRd in 2010 and in 2017 was adopted as a 'strap line. to The Rifi&8 Benevolent TrusL Fundraising under the appeal has CC￿tinUed. not the Eeast to enabl8 families of the injLTrJ and falEen to raise funds in their rnem(ry arKI in 2024 raised £100.693. GTanls The day-to48y work of The Rffles BenewJlent TTUSt is the provision of grants to those in need. These grants are managed through a team at RHQ headed by Assistsnt Regmental Secretary Welfare The Assistant Regimental Se¢xetary Finance maintain1￿ accounting oVe￿Ight and.covwing during ary absences. Requests for grants are no￿allY received in RHQ via MOSAIC. the SSAFA Case Manag8ment Syslem. through SSAFA or The Royal Brltish Legi￿ ffRBL). ASI cases wwe initially assessed by the Assislant Regimental Secretary Welfare who is authorised to make awards of up to £2000. after which an applkxtion may bè made ta ABF The Soldiers, Charty for add￿kn8[ supporL RHa also deals with all cases involving officers, normally in collaboration with The Officers, ASso￿ation andlor The Rifie8 Qfficers Fund. as well as all ￿ involving serving pe￿O￿ne1. Drfficull cases, including those iderrtified as requiring addilional RwJimenlal funding. May be referred to a quorum of at RHQ, to vthom the Trustees have delegated authority to approve individual gr8nts of up to £4.000. All these deasion¥ are reported to Trustees monthty and rabfied at their next quart￿ meeting. Requests for grants that are beyond the delegated p￿￿erS will ￿ther be deferred to a meettng of Trustees or. between meetings. considered by the Grants Sub Committee. Thls may award a grant of up to £5.000 or. rf appropriate. circuLqte a recommendation for a highw grant for ernall approval by the Trustees. Grpmts are nom1311y paid to SSAFA or TRBL who will administer the payment to the applicant to ensure that the funds are used for the wrFrf)se interKled. On transfer of C4C fiJnds from The Rifles Regimental TrusL the previous authority was ￿TrIed forward to make awards in respect of individual grants, of up lo £5,000. Grants are also made to Battalons and to Reserve Companie5 deployed On operations to asslst with the welfare of families at home. At the end of each year. g￿ts to other.CharlUes asslstlng ex-riflemen are ¢onsldered. Governlng document The charity controlled by its goveming documert a deed of tnjst and ej)nsti￿tes an Un]n￿rpOrated tharity. Paje 2 THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTIVES AND ACTIVITIE Always a Rlfleman Programm• (AARP) Trustees appmved the setting up of The Aknys a Ritleman Programme {AARP) at the July 2021 Tw51ee8 meeling. The programme was in recognition of the need to Supp￿ fornier Rifiemen and their dependants who were suffering frorn mental health issues (including PTSD) Tlthich had already resulted in the deaths of 12 Rfflemen in the prevlous 2 years. WhiL8t the number5 were no worse than other Regiments and Corps. it was significant due to the size of the Reglment, the media attention it Wds generating and needed addrev6ing. A head of programme. Lt Col (Retd) Baz Melia MBE, was reuuited Ihrough open competition and the Trustees approved a budget of £250K per annum to support the programme for as long as it wa5 deemed necessary. The programme set out to identify those in crisis and provide immedlate support {within hours). through a network of trained mentors and peer lo peer support. unlil such lime as they could be entered on an appropriate recovery programme. The programme is also backed up by a dedicated 8UPPYt line as well as having two qualified counsellors who can b8 called upon, with where nece55ary other qualified professK)nals providing the guidance and mentorship which is tsilored to suil each Individual case. All mentor5 are encouraged to ailend 8 course whith glves them a Level 3 4ualificalion in Mental Health First from the University of B1￿Ingharn wrth TTUStee5 as5e55ing the risks around the programme and including details in the 2024 Risk Register. Since the start of the progr•nme just under 21YJ Rinemen and (or) their families suffering from exlremety complex MH challenges have been supported by a trained force of over 150 AARP volunteers. The battle rhythm of the programme is now established, aThJ the operating modd has been refinèd to indude allernabve therapies that are rationed by the NHS. Over 260 volunteers are registered as mentors and a further 200 as emergency response volunteers. The AARP has a global reath. helping Riflemen in Arnerica, Canada, Australi8. Europe, HorKJ Kong and beyond. The programme has conducted 47 interventions and as a conservative estimate. it has saved frfi8en lives. Tha AARP retains a 24thour deployable Gapability that is focused on ccwnter suicide opwations. The Trustees remain fully committed to the AARP and its long-temi funding. Page 3 THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 08JECTIVES AND ACTivTfiES IRHQ and the A%sk%tsnt Regimental Sec¥etary Welfare CO￿r(￿nateS this for the Regiment and is in regular touch with many of our operalional rasualties and with the families of the bereav£d. A total of £37,942 was spent under the Care for Casualts'es banner during 2024. The money ha5 been spent on direct and Indlrect support. through grants to help Ind￿dual$ wllh thelr re￿V￿. recuperation breaks. SUp￿rt to cornmemorative events. and Casua￿ packs for our wounded. ExamF4es of support d￿ing the past year indude". Funding for veterans 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 besFM)ke charitses are being asked 40 fill the gap. Cost in this area will continue to rise through the aclivibes and 5UPPOrt being provided through the PARP. Grants have been allocated towards the Instamati￿ of rc¥)ms veterans where the MOD are no long liatle. C4C has paid for re-trainlng, re-skllllng and education. Injured Rfflemen a￿ now attending vocational training courses and o)Ilege courses. all funded. at least In parL by Care for Casualties. Examples indude plumblng urses. trainirKJ for those hoping to work in the security industy and those aspiring to b8 physical fitness instructors. C4C continues to support bereavement cixjnselling for family members of ourfallen Rfflemen. Funding filness equipment 5uth as adapted biwdes, kayaks and h(￿ne gym equipment for those rerovering frorn injury and supporting those in ad)ieving their goals thrwgh 5POrt Induding parbdpation in The Invictus games and Para 0￿￿pIC$. Holiday and respite breaks for our iryurBd and theirfarnilies and f(* members of our bereaved families. Where posslble the Reglmwt wths with the MOD and with Other chartti8s as ABF The Soldlers. cha￿ty. Help for Her08s, Combat Stress and SSAFAto provide the supwrt trAt is needed. However. the Regiment will step in alone to hdp where not to do so would mean an unacceptable delay in meeting th8 neeJJ or where restrictions on who can benefit from Other charities means that a need is not being meL Green Jacket Glose The Rifles Benevolent Trust administ￿ the Charivs coltsge homes at Green Jacket C105e. Stanmore Lane. Winchester, There are 21 units provKiing c￿e or two bedroomed a¢xoJnmodalon for re￿￿d rmemen or their wdows o ne￿ appropriate housirva. RHQ keeps a record of applications for acc(xnmodation. which are considered by thè Trustees on a points basis ￿ffien a vacancy OCCUTS. Npplicats'ons are open to retired rillemen from The Rifies and from all its Forrning and Antecedent Regiments. There Is a waiting list and the dominant pn'ority in awarding accommodatlon to those on the list is deiived from an assessment of 'need". Th8 Trustees are also gmng consideration 88 to how best to meet the preferences of those who servèd in el&ments of a Regiment now derived from a more wdespread geographical bam The monetary assets of iknn Jacket Close are retsined within a Restrided Fund of The Rifies Benevolent Trusl. Royal Green Jackets Ladie5 Guild Fund The investrnents ot The Royal Green Jackets Ladies Guld Fund are held within the Trust in a Restricted Fund. Th8 main WCTk of the Ladies Guild 15 to mainlain contact %•ith Iwenty-seven {twenty*MJht) Royal Green Jacket wld(wts. helping with fuel bills in winter for older widows and making smal grants as requI￿d to those in need ¢y with dep8ndent ildren under 18. Christmas carils and newsletters are sent to all and athice be given to those with problems or in Forming Regiments. are now Icx*ed after as required by The Rtnes Families through RHQ and Regional offices. Peter Bateman Bursary This an educational bursary rKeived in 2011 as part of the LegaGy of Mrs Una Dur*lin. It is held in a Re5tr1Lled Fund. Priority is gNen to liflemen leaving Ihe Servi￿ due to injury to the wives aThJ children of those killed on operations. Page 4 THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTNES AND ACTMTIES Joanne Booth Mason Memorial Fund This Restricted Fund was established in 2012 in memory of Mrs Joanne 800th-Mason and is expended on selected cases recommend￿ by the A8sisL2nt Regim8ntal Secretary Welfare or the A55iStant Regimental Secretary Finan and approved by the Contmller of the Fund, Major (Retd) Simon Booth-mason. with the agreement of The Rifies Trustees. Margaret Phillips Bequest This Restricted fvnd was estsblished in 2018 in memcry of Margaret Phillips and allows the Assistant Regimontal Secretary Welfare lo make grants to fonner member5 of the Devonshwe and t)orset Regiment and its anlecedenl regiments as well a5 any member of the Rrffe5 ￿ it5 Other fomiing and antecedent Tegiments INing in or bjm in Devon and Dorset. Public B•nofft The folk)wing statements C¢￿s1der the Charity CoMm￿l0n.S guidance on public benefit dlsclosure. . The Trustees are con5oous that the use of charitable fvnds Should have an elemenl of benerrt to the public. The object of The Rffles Benevolent Trust is to provide relief to those vtho are or have been in the Regilnent who are suffering from hardship or distres5. The Tru5tee5 believe thal this demonstrates the ChaTiWs adherence lo the spirit and prlnciple of putrAic benefit. The benefiuary class is WKJe"and. alihough it in￿deS cuThent serving personnel. the main beneficiaries are veterans. widows and dependants. Gr8nt8 are targeted and based solety upon need - 5uth relief does not duplicate state benefit. IL is therefore considered that there is an identifiable b8nefil. and it is lo the indimdual and to the nation at large. The existence of the Charity helps to ensure high MCffa￿ and high standards in The Rifles and thus contributes lo the &ffectiveness of the countys amied forces this in lum brings tangible benrfrt5 to the public. P￿e5 THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE General Achlevement Lieutenant General Thimias RK*atdson Coplnger-symes CBE took over as Colonel C(YnrrAndarrt on 22 Marth 2023 and was already an existing exdficlo Trustee. The Govemance. Sub Committee has again carried cllrt a ful review of the risks to which the Charity might be exposed. and improvements have been made to the risk andysis. Income Achieved The Care for CaSUa￿eS Appeal IC4C)'. which V•BS launched in March 201 D, has agaln been a substantlal source of fvnds. Alihough the pace of donations has irbevttabty slowed given the passage of t'me and 1he polib'cal decision to withdraw from aclive engagement in Afghanistsn. the appeal brand is well established and will be maintained. The original target of £4 million by the end of March 2015 was not met by that date, but by the end of D￿ember 2018 It had reach8d the £4 million target and as at 31 Dec8mber 2024 stood at £4.717,530 (2023". £4.616,837). Income to the appe81 has been until 31 December 2016 credited in the first instance to The Rifles Regiwental TrusL and 51% is t,hen transferred to The Rilles Benevdent TTUSt for the lon*term care of casualties and other ￿nefiCiarIeS of the Trust. The balance wa5 retsined in the Casualty Support Fund, a Designated Fund in the Regimental Trust, to glve more Immedlate supFort to casualtles. Wth Effect frum 31 December 2016 all C4C Funds were transferred to The Rifles Bonevolent Trust and included in the unrestricted funds of the Charity. Total voluntary IncLYn& trj tho Trust was £584.695, of whlth £100.693 was accourrted for by C4C from donations. In addition, The Joanne Booth-mason Memorial Fund received £1,951 in donations. Another main source of income is th8 subscriptions from officers and soldiers under the Days Pay Scherne. These tolalled £131,184 the income frorn this remains at 40% and is rweNed annually. The percentsge of all rank$ subscribing under this votuntsry scheme remains above 95%. Investsnent in￿rne (Restricted & Unrestricted Funds) totalled £379,107. The online giving facilty through JustGNing.com continues to be hÈghly successful in gathering donations for C4C and Is partI￿larty useful In that it automalicalty ￿claImS Glft Aid on qualifying donations. Several individual donors raising sponsorship for speufic acfvtbes have set up thair own Just Giving accounts for th8 C4C Appeal. Some fvnds will continue lo be received into the Rifles Regimenlal Trust which be transferr8d across to The Rifies BenevcA8nt Tnjst on a regular ba8iS. Other Generdl donations totalled £257.651 including a donaticn of £175,000 from the "Ant1￿h Setugmenf and legacies totalling £94.517 were receiv&J in the year. Grants Dellvered can be seen frorn Note 7 to the AcC￿nts, grants to a total of £505.5801£576.6441 weTe made. of which £457,966 were made from unrestricted funds, during the year. All grarrts were processed via RHQ with indrwdual grants totalling £322,966 made in 5UPPOrt of a total of 616 ca5e5. £65.000 was granted to battalions to hèlp with the support of families whilst the battalion was on ath've service. as well.as in recognilion of separation due to other de￿Oyments overseas. At Ihe end of the year. a grant of £70.000 was again made to ABF The So[<1￿[S. Charity in recognition of the support that it giv8S to individual benevolent cases and to other service charibes that support Rifiemen and. currenuy. to the Regimenvs Casualty Capabflity. In 2024, we saw a reduclion in appficalicms from 745 to 616. vthich remains higher tr￿n prpyndemiG levels. Page 6 THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Tesco Grocery Voucher Scheme In 2022 due to inflatlun as well as other factor5 Trustees identified a need to in 3r￿ vrdy SUPPOrt families th.rough difficult timeg in a simple efficient manner. Hamng consulted viith the Charity Commission and auditors, an online scherne using the RegimenV8 online presenee in conjtjnction with Tesco was devised whereby individuals could appty for a £100 grocery card. VerifThtion of eligibilty as a member of the Regiment was carri￿1 out by thern registering with The Rifles Nelwork. where they y￿re only allowed access once their Cx)nnection lo the regiment was established. The initial phase all(Kated £1 C(JK to the projecl,. this was extended with a further £100K in a second tranche. In addition. a small number of carits were held by RHQ which enabled support to be given to those who did not have access to online facilities. As at 31 December 2024 a further £4500 had been distr1t￿ted, bringi￿ the wnning total to £160.675 and the Initiative remains ongoing. RW Ladias Guild Fund The Ladies Guikl had a quiel yoar with no specific individual requ65ts, they havin9 been met from the main Benevolerice Tnjst. 11 widows received a grant with their Christmas Card. Green Jacket Close or the 22 ¢ottage5, incEuding that of Ihe Propety Manager (fonnerly Warden), and flats in Winchester, 21 were (xcjjpied or allocated )Nith a healthy waiting lisL One flat was given over in January 2023 to act as a welfare fiat to 5UPPOrt the AARP and provide a safe placp, in the Short term. for those most immediate need of accornrnodation whilst the AARP engaged In seC￿ng more pennanent ac(x)mmodation. jobs and fflenta health 5UPPOrt. Most of the remaining properties aro occupied by ex-Royal Green Jackets ¢x tts antecedent regiments. although ex-soldiers of the other Fonning Regiments are acb.vely encouraged to put their narnes on the wallin9 lisL Recently awareness has been Taised through the Regimenvs various social rn8dia outl8ts and additional applieations are ￿ng received. Ongoing maintenance and rnodemTrsation continue to be carri￿1 where r4ulred lo maintain and enhance the properties and living conditions of the residents. Improvements are al80 made with adaptations Id8ntthed and supported by Winchester Council through dtsabled facilities grants (DFGS). Markets Revlew As at 31 December 2024 The Rines Benevolent Trust had a value of £20,022.254 exduding the value of Green Jacket Close. Risk assets enjoyed a strong twelve-month period, with global equty markets up 20Yo as measured by the MSCI All Ccunty World index. Equities were buoyed by the improving fundamentsl picture as inflation fell doser to central bank targets, whilst global growth remained robust. The concept of US exceptionalism was prevalent throughout the period, driven by stronger growth and the antiupated impact of President Trump's policies after his victory in Novemberfs election. In fact. US stocks conduded the year with their best tsvweaT stretch in 25 years. Regional equity market perfomiance largety rellecied this with the US strongty outparfomiing other major equity markets, the exception being China vthich rd)ounded on expectstson5 of policy stimulus. Meanwhile the "Magnificent Seven. and other Al reknted stocks were the strongest perfonners. wtlh the fonner group responsible for over halF ofthe gk)bal equity market Tetums in 2024, with Nvidia almost Ireljing over Ihe period. 2024, however. was another drfficu year for fixed income markets. US and UK govemment PllKluced negative retums as they experienced higher than usual ￿ve15 of volatility, driven by 5htfting narratives from glob81 ￿ntral banks and Ihe markers subsequent reaction to interest rate expecL*ions. This was particularly true in the last quarter of the year. where Treasury YIe￿S rose In the aftemiath of the eleGtion on the eX￿tatIOn that strtxKJer grDWth and hIg￿r infiation woukl lead to fewer Fed rate cuts. Elsewhere, commcKlilies exhibited a mixed picture wilh gold rising lo new alkiime h￿h5 in October, whilst oil prices have fallen s1gnfflcant￿ despf(e ongolng 8vents in Ukraine and the Middle East. The US doltar was also volatile but rose strongly in the fourth quarter on a trade-weighted basis, strengthening agalnst major currencies and positively impacting retums for overseas investors in US markets. Current economic fundamentals suggest that 2025 shoukfj be another positive year for equities and rfsk assets more broadly. The challenge is that dry•vnside risks are greater than before" the prospect of an allwout trade w8r looms large. the outlook for interest rates is mole uncertain. and govemment debt continues to rise. Diversification can help mltlgale some of these risks. Bonds shwld provide some protection against risks to growih. while" gold and other comrncKlities help to manage the risk of irfflation and elevated geopolitical tensions. Page 7 THE RIFLES BENEVOLENT TRUST REPORT OF THE TRUSTEES FOR TrE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Overall During the year incoming res￿￿￿ totalled £1.036.799 (£918.670). Investrnent irKome. incbJdlng Restricied Funds, totalled £379,107 {£&57,5051 and subgcriptions un.der the Days Pay Scheme totalled £131.184. General donations amounted to £257.651 which indudes the Antioch Setuement of £175.000. Grants for indiwdual benevolence lolalled £322,966. Totsl resources expended totalled £894.599 (£939.237). Gain on inveslment assets totalled £1.816,217. Total funds carried fonyard amounted to £25.362,754. of whth £5.345m 15 represented by the properties in Green Jacket Ck)se. v4hich are only revalued every 5 year5, the next being in 2025. Risk. Management Trustees consider that the varw of Investmerts ￿7th a dlversifièj investment portfofio exer(a￿l through thg Fund managers. Cazenove Chariies. along with a 'lotal retum. approath. This allows a drawdown on capital of 3%, induding investrnent income. plus an uplrfi factor to meet budgetsry requirements (1% frjr 20231 which is monitor8d and reccMnm8nd8d by th8 inv8stments svtrpcomnjittee and helps to stsblise the income and mitrgates the risks as far as is possible. The Trustees will also a[￿rOve a further drawdown of capital w￿e deemed nxessary to ff*et essenlial demands in support of the Regiment {$eNing, former and antecedent) ts Riflernen and their dependents. However, to meet any extr?ordlnary demands pla¢ed upon it a r&2ssessment of the level of grants award￿ takes place at th81r January meeting each year with any adju5tsnent necessary being made to ensure the long4enn ability to support the Regimenlal tsmity. Reserves P.ollcy A review took ￿ace in late 2021 and a baseline of 3% of the average market value of the portfolio over 3 years ¥￿$ retained (including a(kn81 invesknent income) and 8r7 ad(*tional uplrft of 1% byds agreed to enable the budgetary requirement for 2024 to be met. Going forvrdrd for 2025 the baseline of 3% of value 15 to be retained. this Comprises of actual Investment incorne topped up by a drawdown, rf required. from unrestricted funds and considers substantial anticipated income far 2025 frorn the Antioch SetUement£175.(K)O W175.000 in 2023}. Key Management Personnel Remuneratlon Tha Trustees consider the board of Trustees and the Rines Regirnenial S•cr8tary (also a TNstee) and tha Rffl88 Secretary Finance as the Key Management personnel of the Chaiity. AJI Trustees gtve of their time free￿ and are not remunerated for their time spenl on work on behalf of the Charity. The day-to4ay rn8nagemerrt is invested in olher Sen1￿ representatives in RHQ The Rifies who are employed and salaried by the Ministry of Defence. Remuneration of the Regimental Secretary as a Trustee has been approved by the Charity Commissioners and the sum along with any other ex gratia avrnrds to the ther senior members of RHQ Staff are approved by a special meeting of Trustees held every 3 years. AJI awards are made annually and are scrulinlsed and approved by the Remunerations Sutrrtommittee. Thg Remunerations sU￿COMMittee also 5ueen5 any ¢Jther ex gratia awards recommended by the Regimental Secretary for other members of the RHQ staff from an agreed budgeL Payment of awards will general￿ be paid in De￿rnber of each year. Dedaration of any related party issues are contained as appropriate in the audit(￿$ notes as been no such conflict in the CUr￿t year. In assessing the awards twst88s assess against ￿forManCe 88 Ihere ig no benthmark ith whid) lo compare the ex-gralia paymwts. with the Trusvs policy wrihdraw from discussrons wh￿￿ any cwffliLt of intwest arfses. There has b￿n no such confiict in the current year. Page 8 THE RIFLES BENEVOLEKf TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE D￿AlLs Registered Charity nurnber 1119071 Prfnclpal address RHQ The Rifles Peninsula Barracks Romsey Road Winchester Hampshire S023 8TS Trustees Lieutenant General Thomas Rh*ardson COpinger￿YmeS CBE Lieutenant General Chades Seymore Collins DSO OBE Maj General Thomas Howard Bewick OBE Major General Daniel R8eve MC Brigadier MaTk Christian Peter Wi150n MBE Colonel Ralph Grahaffl Awndell Colonel Ashley Rayrnond Fufford OBE Colonel Nikola Ilic MBE QGM Lieutenant Colonel Peter Jarnes Alexander Balls OBE Lieutenant Colonel John Aexander Pode-warren MBE - Retired 25 January 2024 Lieutenant Colonel Simon David Gray MBE Captain Robert Gribbl8 Jeremy Michael Arther Simon Char￿8 Hazlitt- Chaim8n Rebecca Charlotte MaciejewskA Oliver Rupert MaTsh Henry Chades Steel The offi￿ of the Charity are based in the Regimèntal HeadquarteTr of The Ril￿5 thi¢h is an MOD establishmen( and the officials are civil servants employed by the MOD; therefore. neither accommodatic￿ nor staffing incur any cost lo the Charity. Thr￿gh¢)Jt 2024 the person responsible for the day to day running of the Charity was The Rifles Regimental Secretary and Trustee, Lieutenant Col￿e1 (Relired) PJA Balls OBE. assisted throughout the year by The Rlftes Se¢retary Finance. Captain (Retired) I l Foster. In A￿Ust 2024 Capt Fostsr retired. handing over lo Kate Badcock. Auditors MC Audit Limitad statutory Auditors Slation House North Slreel Havant Hampshire P09 1QU Page 9 THE RIFLES BENEVOLEKfTRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATtVE D￿AlLs Bankers Royal Bank of Scotknd Allltary Banking Lawrie House Victoria Road Famborough Hampshlre GU14 7NR 80licitors Blake Morgan New lfjngs Court Tollgate Chandlels Ford Easueigh SOS3 3LG Inveslment Manag•rs Cazenove Capitsl Managemert 1 London Wall Ptace London EC2Y SAU STATEMENT OF TR￿sTEES, RESPONSIBILftlES Th8 trustees are responsit4e for preparing the Re[￿ of the Trustees and the financial 5tateFnents in accordance with applicable law and United lfjngdom Accounllng Standards {Ur¥ted lfjngdcrfn Generalty Accepted Accounbng Pyaclice). The law appIl￿ble to charities in England and Wales. the charit￿S 2011, Chanty (Accounts and Reports) Regulations 2008 and the promsions of the 1rusl deed requires the trustees lo prepare flnancial slatements for each financial year vthKh give a true and fair view of the st*e of affairs of the charity and of the ino)ming resources and application of resources. including the income expendiiure, of the chwty fcr that period. In preparing those financial statements, the trustees are required to select suitable accountlng pc4icTres and then apNy them consistentTy: observe the rnelhods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent state what￿r ap￿icable acc￿nting slandards have been folkjwed. sul4ed to any material departure5 di5c105ed and explained in thÈ finoncial State￿nts. prepare the financial ststements on the going concern basts unless it is inappropriato to pr85ume that the charity will continue in business. The trustee5 are responsible for keeping proper accountiNJ records which dksclose with reasonable accuracy at any lime the finanual position of the tharity and to enable them to ensure that the financkql slatements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the proM8ions of Ihe trust deed. They are akn respJnsibl8 for safeguarding the assets of the tharity WHI he￿e for ta￿ng reasonable steps for the prevention and detedon of fraud and other Irregularities. Awoved by order of the tKBrd of trustse5 on ....... ............ ... . and sbjned on Ils behalf by: S C Hazlitt- Trustee Page 10 REPORT OF THE INDEPENDENT AUD￿oR5 TO THE TRUSTEES OF THE RIFLES BENEVOLENT TRUST Oplnlon We have audited the finanaal statements of The Rifles Benevolent Trust (the 'd￿li￿) for the year ended 31 De￿rnber 2024 ￿lch CL￿nPriSe the Statement of Finantial Activities, the Balance Sheet, the Cash Flcw Ststement and notes lo the finanaal statements. indudrng a summary of signfficant accounkn'ng policies. The financial reporting framework Ihat has been applied in their pr8p8ration is applicable law and United Kingdom Acwunting Standards (United lfjngdom Generally Acr£pted Accounting Practice). In our opini(m the financial stalements.. give a Irue and fair view of the slale of the chariiys affairs as at 31 December 2024 and of ils incoming resources and application of resources, for the year then ended: have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice; and . have been prepared in accordance with the requirements of the Charities Act 2011. 8asls for opinlon W& conducted our audit in acLofdance witt) International Standards on AUd￿ng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndaTds are further described in the Auditors, responsibilitie5 for the audit of the financial. stateménts section of our report. We are independent of the charity in ac￿rdanCe the ethical requir8ments that aTe relevant to our audit of the financial sialements in the UK, Indudlng the FRC'S Ethical Stan¢Jard, and we have fulfilled our other elhical responsibililies in accordance with these requirements. We b81ieve thal Ihe audit evidence we have obtained is sufficient and appropriate to provide a basis ft)r our opinion. Conclusions relating to golng concern In audiling Ihe financ4al 51alements. we have concluded Ihat the trustees. use of the going concem basis of accounting in the preparatlon of the finandal statements is appropriats. Based on the work we have perfonned, we have not identified any malerial uncertainties rdating to events or condttions that, individually or colleclivelyi may cast significant doubt on the tharitys ability to continu8 as a going concem for a period of at least IWe￿e months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees Vbtyth respect to going confxn are desc¥ibed in the relewdnl sectioTrs of thi5 report. other infornialion The trustees ère responsible for the other information. The other irrfonnation cornptÉses the information included in the Annual ReporL other than the financial Slalem￿ts and Report of the Independent A￿l￿orS Ihereon. Our op1n1￿ on the financ￿1 stslements d(w not (fjver the other information and. except to the extent othenvise ex ￿lCIt￿Y slated in our report. we do not eX[￿eSS any fonn of 85surance conclusion thereon. In connectson wlh our audit of the financial statements. our respon5ibilty is to read the other infornnation and, in doing so, consider whether the other infomiation is materialty inconsistent with the financial statements ￿ our knowledge obtained in the audit or otherwise appears to be rnaterialty misstated. If we identify such material I￿￿￿31stenc7es or apparent material mis5tstemenis. we are required to detemiine whether Ihis gives rise to a Fnaterial misstatement in the financial statements themsefves. If. based on the work we have perforrned. we condude that Ihere is a malerial misstslement of this other information. we are required to report that fact. We have nothing to report in thi5 regard. Matters on which we arn r•qulr•d to report by exception We have nothing to report in r8spect of the following matters there the Charilies (Accwnts and Rewrts) RegulatK)ns 2008 requires us to ￿port to yoLt if. in our opinic￿. the infonnatbn given in the Report of the TTUStees is in￿nsiStent kn wy materral raspect with the flnan(aal Statements. or sulficlent accounting records have not been kept", or the financial staternents are not in ¥grEemenl with the acc￿nI[ng recr￿dS and retLxns: we hgv8 not received all the Inf(yma￿n and explanatvJns we require fOr.￿r audiL Page 11 REPORT OF THE INDEPENDENT AUD￿oRs TO THE TRUSTEES OF THE RIFLES BENEVOLENT TRUST Responsibilities of truslees As explained more fulty in the Staiement of Trustees. Resty)nsibIl￿e5, th8 trustees are responsi￿e for the weparalion of Ihe financial statements *knich gtve a true and fair vtew. and for such Intemal control as the truslee5 determine is necessary to enable the preparaliw of financial statements that are fr88 from matertal misststement. whether ¢ue lo fraud or error. In preparing Ihe financial ststemerts, the trustees are responsible for asse55ing the chari¥s ability to contlrnJ6 as going concem, disclosing, as appllcable. matters relaled to going concem and using the going L¥)ncern basls of accounting unless the trustees either IntÉnd to liquidate the tharTty or to ￿ase oyerations. or have no reallstlc temative but to do w. Our responsibilities far the audil of the financial statem8nls We have been appolnted as auditors under Section 144 of Ihe Charities Act 2011 and report in arThrdance with Ihe Act gnd rdevant ragulations made or having effed Ihereunder. Our objectives are to obtain r&2sonab￿ assurance about whether the financial statements as a wholè are free from material misstatement, wh@th8r 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 assuran￿. but is not a guarantee that an audit conducted in accordance wilh ISAS {UK) will aKvays detect a material misststement when ff( exists. Misstatements can arise from fraud or.error and are considered material rf. individualty or In Ihe aggregate. they could reasonabty be expected to influence the economic deCtsic￿S of users tsken on the basis of these financial ststernents. The extent lo whkh wr procedurES are capable of detecting ir￿guIar1tkn. i￿aU0￿n9 fraud Is detalled ￿k)w. Fnjn discussion wtth managemènt and those charged with govemance irrformalion about the entity is d￿umented to assess the aCti￿ty within the organlsation. We discuss managemenvs assessment of Fbsk in resp8Ct of irregularitles. fraud and going concem. Based these discussions and our assessments wa detemiined that the key risk rn were income recognition in resp*ct of off issues and managernent Override (￿ncernIng th8 stze ofthe organlsallon. W& sèt finanual statement materialty level based the level of income. for profit organisatlon raising income is its primary fO￿S which is why income was used to ¢Jetermine the level of materialty. Our overajl assessment of rfsk was used to determine perf￿an￿ materiality at an approwiate level. Substantive audit tests were designed after assessing and perfonning walkthrough tests. The walkthrough testing confirmed documenled systems which have been deswJned to act as a preventative measure against fraud and error which appear to be operats"w as documenled. Substantive testing iested a sample of the pOpUlat￿)n. represenlalive of tho pcyjlation, to Identify errDf5. The testing did not tdenlify any material mis5tatemerts in areas tested. Audit substantive tests cfficl￿ed no material errors over the key risk areas of income reco3nition and management ov8rride. The audit considers the organisation is not exposed ID rnaterial risk of errcr as a result of assesslng laws and regulatlW8 thal are appro￿late to the ￿ganisation. Council's website at bvww.frc.org.uklauditorsresponsibilities. This descrplon f(xms part of our Report of the Independent Auditors. Page 12 REPORT OF THE INDEPENDENT AuorroRS TO THE TRUSTEES OF THE RIFLES BENEVOLENT TRUST Us• ol our report This report is made solely to the charivs trustees, as a body. in aCC￿danCe Y4ith Part 4 of Ihe Charilies (Accounts and Reports) Regulalions 2008. Our audit Work ha5 b￿n undertaken so that we mighl state to the charitys trustees those matters we are required to stale to them in an auditOf5' report and for no ¢)ther Pufpose. To the fullest extent pemiitted by18w, we do nol a￿ept or assume responsibilty to anyone other than the tharity and the chartty's trustees as a body, for our audit worl for this repryt. or kn the oplnions we have fomied. MC Audit Limited ststutory Auditors station House North Street Havant Harnpshire pog 1QU Oate: .. PaJe 13 THE RIFLES BENEVOLENT TRU8T STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 310ECEMBER 2024 2024 Total funds 2023 Total funds UnrE5tricted Reslricbj fvnds funds Notes INCOME AND ENDOYIMENTS FROM t)onations and lega￿eS 584.695 1.951 492,825 Charilable aGtiviti RHQ 71.046 71.046 68,342 Investrnent income 351.537 379,107 357.505 Total 942232 94.567 1.036.799 918,672 EXPENDrruRE ON RaisiNJ funds 85.603 3.461 89.064 83,457 Charllable acllvltles RHQ Gréen Jacket Closa RGJ Ladies Guild 507.482 507,482 76,402 4,045 70,000 65,000 37.942 &)3.316 111.665 2.708 60.000 65.000 63,300 2.125 76.402 4.045 70,000 65.000 37.942 Battalions C4C Peter Bateman Bursary Joanne Booth-mason Memorial fund Maragarel Phillips Legacy Fund 9.252 9,252 35,412 42.282 Total 766.027 128.572 894.5g9 939,237 Net gains on investments 1.717.04S g9,172 1.816,217 736 621 NET INCOME 1,893250 65,167 1,958.417 716.056 RECONCILIATION OF FUNDS Totsl funds Ixought forward 16.956.159 6.448.178 Z3.404,337 22.688,281 TOTAL FUNDS CARRIED FORWARD 6.513,345 25.362.754 23,404.337 The note5 fonn part of tP*se financial statements Page 14 THE RIFLES BENEVOLENT TRUST BALANCE SHEET 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tanglble asxets Investments 12 13 5,345.000 19.854.083 5.345.000 18.007.867 25.199,083 23,352,867 CURRENT ASSErs Debtors Cash at bank 14 78.559 163,133 92.298 241,692 118,361 CREDITORS Amounts falling due withln one year 15 (78.021) 16e.891) NET CURRENT ASSETS 163.671 51.470 TOTAL ASSETS LESS CURRENT LIABILMES 25,362.754 23,404,337 NEf ASSETS 25.362.754 23.404,337 FUNDS Unrestricted funds Restricted funds 17 18.849,409 6.513.345 16,956.15g 6.448.178 TOTAL FUNDS 25.362,754 23.404,337 cial slal ents were approved by the Board of Trusiees and authorised for i55ue on and weTe signed on its beha￿ by. S C Ha￿lit- Trustee notes fomi wt ofthese finarKial statemenls Page 15 THE RIFLE8 BENEVOLEiif TRusr CASH FLOW sfATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flow5 from operailng activities Cash generated from oiierations 150.749 24.167) Net cash prowded byl(used in) operating adi 150,749 24,167 Cash flows from investing activities Purchase of fixed a55et investsnents Sale of flxad asset investments Interest recelved Dividends ￿¥Ved {170.01)J) 140.001 1,759 14.561 (4,548,862) 4,451,361 1,131 8.950 Nat cash used in Investing activities 13,679) 87,420) Change In cash and ush equIval￿ts in the reporting period Cash and cash equivalents at the bgglnning of the r¢porting period 137,070 (111,587) 26,063 Cash and cash equivalents at tho Ind of the reportlng period 163.133 26,063 The notes fo￿ part of these financial stateM￿ts Page 16 THE RIFLES BENEVOLENf TRUST NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the reporting period (as per the Statement of Financial Activities) Adluslments for- Gain on investments Interest received DNidends received Decrease in debtors Increasel(decreasel in creditors 1.958.417 716.056 (1.816,217) (1,759) {14,561) 13.739 11.130 (736,621) (1,131) (8,950) 11,261 4.782 Nét cash provlded byl{us•d in) operalions 150,749 24.167) ANALYSIS OF CHANGES IN NE[ FUNDS A11.1.24 Cash flow At 31.12.24 Net cash Cash at bank 26,063 137 070 163,133 26.063 137 070 163.133 Total 26,063 137.070 163.133 The notes form part of ￿se financial statements Page 17 THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIABER 2024 ACCOUNTING POUCES Basls of preparfng the flnancl81 statements The financtal statements of the charity. whith is a public benefft entity urujer FRS 102. have been prepared in 8ccordartce with the Charities SORP {FRS 11)2) 'Accounting and Reporting by Gharities.. Statement of .Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} {effectTve 1 January 2019):, Financial Reporting Standard 102 Tr Financial Reporbng Standard applicable in the UK and Republic of Ireland, and the Charities 2011. The finanaal statements have been prepared under the historical cost conventlon, with th8 exception of investments vltitch are I￿ud9d at rnarket valu8. as mdffied by the r8valuatlon of certaln Assets. Going Concem The trustees believe that the goiThJ uxKern aSSum￿K)n remairks appropriate for The Rrfle5 Benevolent Trust. There are no known factors or conditions that would suggest a need to question the charitvs abilty to continue its operations for the foreseeable fiJlure. In¢omo ino)me is recognlsed In the Ststement of Ftnanclal Activlties once the charity has entiuement to the funds, it is probable that the income Mfjll be received and the amount can be measured reliabty. Irthme is deferred when the donor att8th￿s conditN)ns outside the chariivs own control or speufies that the resource5 are to be used in a future accounbng pert(xl. Voluntsry income irEthding donatrons. regimental 5ubsryipti(Y￿ and grants th* provide fundlng or are of general nature are recognised when there is enbilement. certainty of receipl and the amount can be measured. Expendlture Llabilities are reccMJnlsed as expenditure as s￿n as there Fs a legal ￿ constructive obligation eAmmitting the tharity to that expend¢ture. it is wobable th8t 8 transfer of economic benefits wll be required in 8etUement 8nd the amount of the Obligati￿ can be measur&J reliably. ExFenditure is accounted for on an accruals basis and has been classified under headings that aggregate all c05t related to the category. Where c0515 connot be diredy attributed to partular headings they have been allocated to actsvities on a basis ct)nsistent ￿th the use of resources. Grarrts offered subject to conditions which have not been Met at the year end date are noted as a o)mmitment bul nat accrued as expendiiLtre. Allocation and apportionment of costs Overhead and support costs have allocated first between tharItab￿ acbviiy and gov6manc8. Overhead and 8UPPOrt costs ￿lating to charitable athitses have be￿ apportioned equally between activitses. Tangible fixed assets Freehold prcpety is carried at market value in accordance with the entitys accounting policy. No depreclation Is provlded on these assets, as a significant p)rtion of the asset value relates to land. whith is not sufyect lo deweciatron. Revaluations are conducted on a fi￿year cycle. *ryfh 1he next scheduled revaluation due In 2025. Valuallons are carried out by independent qualffied valuers on ￿ open market value basis. Taxation The tharity is exemptfrom tax on 115 chwllable activitie5. Fund aGGounting Unrestricted funds can be used in accor (19.4341 33.058 127.213 168.495 41,517 235 TOTAL FUNDS 918 672 939.237) 736.621 716,056 Page 27 conunued... THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS - contIn￿d FOR THE YEAR ENDED 31 DECEMBER 2024 17. MOVEMEKf IN FUNDS - Conllnued A current year 12 months and w'or yew 12 rnonths combined ￿$l￿on is as ft)IIow5: Net At1.1.23 In fvnds 31.12.24 Unrestricted funds General 16.240.338 2,609,071 18.849,409 R88trlcted funds Green Jackel Close RGJ Ladies Guild Peter Bateman Bursary Margaret Philips Legacy Fund Jcanne Booth-mason 5.746,023 237.783 16.914 435.096 12,127 10.895 36.723 1757) (11,654) 30.195 5,756,918 274,506 16,157 423.442 42,322 65,402 6,513,345 TOTAL FUNDS 22.688.281 2,674,473 25,362,754 A current year 12 months and wior year 12 morrths comblned net rnovement in fund5, included in the above are as follows.. Incxjming Resour Gains and kjsses Movement In funds Unrestricted funds General 1,733,691 {1.536.769) 2.412,149 2,609,071 Restricted funds Gre8n Jacket Close RGJ Ladles Guild Peter Bateman Bursary Margaret Philips LegaLy Fund Joanne Booth-mason 154,171 11.114 387 16,407 39,701 {1￿,770) (8.562) {2.197) (Ki,715) 14.823 47,494 34,171 1,053 52,654 5.317 10,895 36,723 {757) (11.654) 30.1g5 221.780 297.067 140.689 TOTAL FUNDS 1.955.471 1,833,836) 2,552,838 2.674,473 Page 28 continued... THE RIFLES BENEVOLENT TRUST NOTES TO THE FINANCIAL STATEMENTS- continUed FOR THE YEAR ENDED 31 DECEMBER 2024 18. RELATED PARTY DISCLOSURES The Rffles Benevoient TTUSL The Rsrtes Regimental Trust, and The Rifies offi￿S. Fund are related parties. a5 they are govemed by the same Board of Trustees. A number of transactions. took place between the three charities during the year in the normal course of operations. The Rifles Benevolent Trust administers salary payments on beh￿f of both The Rffles Regimental Trust and The Rines Officers. Fund. During the year, The Rifles Regimentsl Trust transferred £7,00012023: £17.500) to the Benevolent Trust in respect of Its salary costs. In add￿on. a further contribution of £21.000 (2023: £25.750) was made to suprKJrt shared salary obligations. Rifles Offi(ws' Fund transferred £34.780 (2023.. £nil) to the Benevolent Trust for the same purpose. The Rffles Regimental Trust transferred £131,031 {2023: £132,122) to the Benevo￿nt Trust in respect of Fiegimental Subscriptions, and £92.285 {2023.' £51.605) in relation to donations and Gift whith we T￿lved into the Regimental Trust but were attnljutable to the Benevolent Trust. The Rilles Regimental Trust al80 paid ￿ costs of £996 (2023: £29.357) on behalf of the Benevolent TrusL At the year end, the Regimental TTUSt owed the BeneVo￿t Tnjst £5,358 (2023: £19,993). In relati￿ lo The Rifles Officers, Fund. £29,166.67 {2023: £nli ) was paid to The Rlfies Regimental Trust for Sha￿ of ¢Jatsbase cyJs15, a fvrfher £1.650 (2(Y23: £nil) was paid to the Regimental Trust in respect of trustee reward5. The charfty a150 receiyE5 conswJeTrble Supp￿ from the Ministy of Defence in Ihe form of personnel tirng, office space. equipment. postage. and stationery. These contributions are made available at no cost and have not baen induded in the Statement ol Financial Activities, as they are not separately identiFiable or capable of reliable measuremenl. The resources provided by the Ministy are also used for broader military duties, and their v8lue cannot be attributed solely tr) Ihe aclivliies of the chariiy. Pwje 29