The King’s Colour on the left is the Union flag with the circular title in the centre. The Regimental Colour on the right is the cross of St George. It is not possible to tell from this photo which of the battalions are shown here. The photo appears to have been taken in England so is likely to be the 2nd Battalion which spent three years at Colchester after the Boer War, and in 1905 was sent back to South Africa to be stationed at Bloemfontein along with the 1st Battalion. The 1st Battalion did not take part in the Boer War as they were stationed in India. From there they were sent to South Africa in 1904.
The officers holding the Colours have plain white Colour belts. They have a Colour sergeant standing between them. The man on the extreme left has four good conduct stripes on his left sleeve indicating that he is either a private or a corporal. They have medals for the South African war although the officers appear not to have medals. It is possible that these are 2nd lieutenants who had joined the battalion after the war. All ranks have yellow facings which officially replaced the white facings in 1905, but the Regimental Colour is still the older type which would soon be replaced by a yellow Colour.