Here's a Flag, from Dorset. (so are the German Navy band, for that matter!). As you can see - it's an easy conversion of the same marching figure. I removed the cast-in flag-pole, which was made of soft metal - and then drilled into the flag for about 5mm - and substituted it for a more solid short section of brass rod of a suitable thickness, (hobby store) - or it may have been a piece of thick paper-clip ( can't remember). ^&confuse
Found a suitable arm - made up the baldrick and cup (cross-belt) from Milliput, to suit - and there it is - a Standard Bearer. Just look up whatever Flags/standards etcetera you fancy on Google Images - and you're off! Easier than you think - this way.
jb
P.S - all of the various arms/ instruments/ weapons etc - are from Dorset Soldiers too - and all of these are pennies to buy - with most separate casting parts costing around 40 pence - or so. Toy Soldiers don't HAVE to cost the Earth.
Good luck
jb