Officers and men alike wear the chequered band on the forage cap.
The regiment was raised after the last South African War, and the 10 Honours of the Great War appear on the Colours, which were presented in 1927. Or someone may just have wanted them out of the package to look at them. I will assume they were removed to put on a uniform and then returned to the package. On the back are two loops to be used to sew on the insignia. I have not had them out so do not know what is on the backside.
The King's Colours of the two Battalions are quite different (see 2nd Battalion Scots Guards), although the same Honours are borne on all the colours of the regiment.