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2023-12-31-accounts

NATIONAL SMALL-BORE RIFLE ASSOCIATION

ANNUAL REPORT

2023

Registered in England No. 76008 Charity Registration No. 215468 Code 920

NATIONAL SMALL-BORE RIFLE ASSOCIATION

REPORT OF THE TRUSTEES WITH THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

(This report includes matters required to be given in a report of Directors under the Companies Acts)

REFERENCE AND ADMINISTRATIVE DETAILS:

FULL NAME National Small-bore Rifle Association GOVERNING DOCUMENT Memorandum and Articles of Association CHARITY REGISTRATION 215468 COMPANY REGISTRATION 76008 ADDRESS Lord Roberts Centre Bisley Camp Brookwood Woking Surrey GU24 ONP LEGAL STRUCTURE The National Small-Bore Rifle Association (NSRA) is a company limited by guarantee of its members and incorporated under the Companies Acts on 8 January 1903.

ORGANISATION The Trustees are the Directors of the Association who form the Board of Management, which is the ultimate governing body. Life or Annual Members of the Association are appointed to the Board of Management by the membership. CHARITABLE OBJECTS The Association is required by Charity Law to act within the charitable objects set out in the Memorandum of Association.

OFFICIALS

PRESIDENT Mr W G Doe VICE PRESIDENTS Dr J Coleman (from 25 March) Mr A N Gibbons (from 25 March) Mr G D Pound Mr J Wheatley CBE (deceased 1 March) Mr B A Woodall

EX-OFFICIO VICE PRESIDENTS Lord Lieutenants in the United Kingdom

The BOARD of MANAGEMENT (being the Directors and Trustees of the Charity who served during the year to 31 December 2023) Chairman Mr J O Lloyd (to 25 March) Mr M J A Arnstein (from 25 March) Vice-Chairman Mr M J A Arnstein (to 25 March) Mr M Guille (from 25 March) Honorary Treasurer Mr R V Watchorn (to 17 September) Mr M J Scrivens (from 14 January) Members Mr M J A Arnstein Mr I Burton (to 23 August) Mr M J Chapman (to 31 March) Mr N Cole-Hawkins Mr R J Dowling Mr M Guille Ms J Howden (from 14 January) Mr E Kendall (to 14 January) Mr J O Lloyd (from 23 March) SUB-COMMITTEES Mr N J Almond (r from 1 May) of the Board of Management Mr M J A Arnstein (r to 30 April) Mr A Bowman (pac) Mr D Brigden (a) Mr M Buttery (r from 1 May) Mr M J Chapman (r), (ref) Mr W S Cowell (a) Mr R J Dowling (r) Mrs Y P Edwards (ref) Mr A Gregory (pac to 30 April) Mr R Heath (ref) Mr K Hindle (ref deceased 23 June) Dr P Holdstock (pac), (ref) Mr E Kendall (r) Mr J R W Latimer (a) Mr P M Mann (r) Mr T Metcalfe (pac) Mrs J Nicholl (a) Mr D Poxon (r) Mr P L Ralph (a) Mr P Richardson (pac to 30 April) Mr P G Strong (r to 30 April) Mr H C Taylor (r) Mrs E J Twyford (pac)

Key:

a Special Awards Committee pac Pistol, Airgun & Crossbow Committee r Rifle Committee ref Referees Committee

SHOOTING COUNCIL being the Board of Management and: Administrative Members Mr N J Almond (2023) (with year of election) Mr M J Chapman (2023) Mr A N Gibbons (2021) Mr P Jones (2022) Mr T Metcalfe (2021) Mrs A J Millar (2022)

County Association Representatives Aberdeenshire Mr J R W Latimer Ayrshire Mr C Fox Bedfordshire Mr G Haley Berkshire Mr P G Strong Buckinghamshire Mrs J Nicholl Caithness Mr H Simpson Cambridgeshire Mr W S Cowell Cheshire & North Wales Mr H C Taylor Cornwall Mr P L Ralph Cumbria & Northumbria Mr E Thorn Derbyshire Mr S Favell Devon Mr D Lemon Dorset Mr A Todd Durham & Cleveland Mr B Lamb Essex Mr R Hackshall Fife & Kinross Mr I Henderson Forth & Clyde Mr R R Simpson Gloucestershire Mr E Hatcher Hampshire Dr C J Gadsden Herefordshire Mr T Horsfield Hertfordshire Mrs Y P Edwards Isle of Man Mr B T Jones Jersey Mr G Huelin Kent I Chapman Lancashire Dr P Holdstock Lincolnshire Mr K Jodko Lothian & Borders Mrs A Hamilton Middlesex Mr C Garnham Norfolk Miss V Minett Northamptonshire, Leicestershire & Rutland Mr D Poxon Northern Ireland Vacant Nottinghamshire Mr A Cooney Oxfordshire Mr J Sims Perthshire Mr I G Gray (deceased 24 September) Shropshire Mr R S Heath Somerset Mr S D Jones Staffordshire Mr R Hemingway Suffolk Mr W H Bond Surrey Mr D Brigden Sussex Mrs E Twyford Warwickshire Mr M F Doble Wiltshire Vacant Worcestershire Mr M Bellringer Yorkshire Mr J R Osborn

Invited Observers Invited Observers
Service Organisations
RNRMTRA LAET R Brown
ARA Maj A Kyle
RAFSAA C Steele-Benny
CCRS Mr P Turner
HQ Universities & ATC Wg Cdr M Eveleigh
SCC Lt Cdr B Madden
TARA R Bruce
Civilian Shooting Organisations
British Pistol Club Mr R Fillery
Civil Service SCTSA Mrs L D Martin
Disability Shooting GB Mrs M Pankhurst
English SSU Mr M T White
Police Sport UK Mr A Motson
Prep Schools RA Mrs M Eveleigh
Scottish SRA I Thomson
PRINCIPAL PROFESSIONAL ADVISERS
Auditors Rouse Audit LLP
55 Station Road
Beaconsfield
Bucks HP9 1QL
Bankers Bank of Scotland plc
Pentland House
8 Lochside Avenue
Edinburgh EH12 9DJ
Insurance Brokers Bluefin Sport
32-36 Victoria Street
Bristol BS1 6BX
Solicitors Blake Morgan LLP
New Kings Court
Tollgate
Eastleigh
Hampshire SO53 3LG

ACTIVITIES DURING THE YEAR

NSRA functions and staffing

Internally, staffing was reviewed, and some roles made redundant to work towards a leaner and more efficient organisation. Steve Downes left the post of Shooting Manager and will not be replaced. Many role descriptions were changed to reflect the new duties required.

Clubs and other organisations

Many clubs and associations found that many within their membership were very tentative in getting back to normal levels of activity after the Covid pandemic. This is reasonable considering the demographic of the sport. Due to financial and operational reasons the Scottish Meeting did not take place in its usual form and a smaller meeting including the Earl Haig Trophy (Scottish Championships) was run at Denwood with NSRA support.

Competitions

Sandra Smith left the NSRA on 30[th] June. Sandra has been a great asset to the organisation, and we wish her well in her future endeavours.

50M Championships - The 50m meeting took place over 16 18[th] June. The event went

well with few target issues.

British Open Airgun Championships - There were 187 entries to the competition in total

and were enjoyed by the athletes and spectators alike. The entry forms were made available online and the closing date was earlier than previous years to allow the Competitions Department more flexibility to organise the meeting.

Eley - The Eley Final took place at LRC in October. The event went well with positive feedback from competitors. The Eley Competition is unique in NSRA terms in that the final not only pulls together different disciplines but also NSRA Members and non-members. It includes those with experience and also those shooting at Bisley for the first time. Dewar - The GB Team shot the Dewar Competition against the USA scoring 7854 points to

Coaching courses

Coaching courses and RCO qualifications returned to pre covid levels. There was also a large number of renewals that was caused by some coaches not renewing over the covid period, and then renewing when activity restarted fully. A new course was developed, the Pony Club YPS. and a pilot course took place at Aldersley in December.

Aldersley

Activity at the centre included:

British Shooting (BS) Rifle and Pistol Series and the BS 3P series were hosted by the Centre.

British Shooting

The NSRA continued to be represented on the Board and subgroups of British Shooting. Topics covered included ISSF matters, the BS Ethnicity, Diversity and Inclusion programme, performance, Ukraine and Russian international representation, interaction with sports governance, child protection and the schools pistol and rifle competition.

Sport England Recognition

Currently the NSRA are recognised as a governing body by Sport England. However, SE are looking at revising the criteria for recognition and this is likely to mean new standards will need to be met. Once these standards are published the NSRA will need to decide if the benefits outweigh the requirements extra requirements placed on the organisation.

Safeguarding

NSRA Staff and Board members took part in training on case management provided by the NSPCC Child Protection in Sport Unit. This event was funded by Sport England. The session covered the basics of case management and then followed on with procedures and practice that should be followed. The training was thought provoking and considered useful by those attending. The NSRA are also liaising with other shooting NGBs to develop a system whereby information on safeguarding issues can be shared to prevent wrongdoers moving between organisations.

Legislation

A public consultation on firearms legislation took place from 29 June to 23 August 2023. The consultation sought views on recommendations made to the government by the Senior Coroner for Plymouth, Torbay and South Devon following the inquest after the Plymouth incident; the Independent Office for Police Conduct who looked at the decision-making process prior to the Plymouth incident and the Scottish Affairs Select Committee following its review of firearms licensing regulations in Scotland, post isle of Skye shooting.

The new 2023 Firearms Act was launched in September. The main changes are for people who are found in possession of reloading components and to the Section 11(4) exemption. Possession of reloading components with intent to manufacture rounds is now illegal and Miniature Rifle Range Operators must have an FAC. Although now in statute, the regulations surrounding these are still being developed.

BSW

Bisley Sports Wholesale has been sold to John Rothery Wholesale. This will allow NSRA Ltd to focus on the shop and centre activities.

Lead

The HSE moved back the timeline of the potential lead ban by 6 months. This was to gather more information. A meeting took place at Bisley between the HSE, Environment Agency, MOD, NRA,

NSRA and CPSA on 14[th] February. The meeting gave the opportunity to show how lead recovery was handled, the demands of the various shooting disciplines and how a licensing system for ranges might operate.

. The NSRA were represented at the second Lead in Ammunition Challenge Panel on 7[th] July and a special meeting took place to discuss a combined response to the HSE public consultation.

IBSA Games

The IBSA World Games for VI athletes took place In August in Birmingham. However, despite planning meetings with the Games organisers and the GB Team being identified, no entries were received from other countries for the shooting events. For this reason, shooting was withdrawn from the programme.

Legal

The NSRA continued to engage with the Police and Home Office on matters relating to legislation. This included work on:

Incoming Resources

Total gross income for the NSRA and its subsidiaries fell to £1,668,144 a fall of £918,632.

The four main elements of income generation are membership and affiliations, ranges, commercial

One of the contributing factors to this reduced income was that the 2022 figures included £240,000 for the sale of Hut 103. Also, there was a reduction in sales from commercial trading operations, a fall of £825,159. This was mainly caused by the unavailability of ammunition and the reduction in overall stock levels due to flash sales at the end of 2022. As a result of these figures it was decided to close the NSRA shop at Bisley and move trading operations to Aldersley with ammunition and target sales being done via LRC reception.

Membership income decreased slightly from £453,074 to £430,354 mainly due to a reduction in individual membership, the numbers of affiliated clubs being similar to the previous year. Coaching income was at more normal levels following the rush of renewals and qualifications in 2022.

The shooting centre at Aldersley shows an increase in income from £76,583 to £83,370 due to increased footfall at the centre.

Development income decreased from £14,128 to £10,188. This is due to the Youth Proficiency Scheme income falling back to normal levels as most training had been caught up following the Covid the previous year.

Range income reduced from £51,231 to £37,554 due to reduced footfall at the centre. However, this was due to the reduction in income from loss making activities and is more than compensated for in reduced costs.

Resources Expended

As a registered charity, the Association manages three different types of fund; restricted, unrestricted but designated and general. The restricted funds may only be used for the purpose for which they were created, the designated funds may be used for other purposes if deemed appropriate, and the general fund is everything else, which includes all trading and costs and income from the normal operation of the Association. The Statement of Financial Activities and supporting notes shows the

movements on these three types of fund and analyses them over the core activities. Apart from the Lottery Grant Fund the movements on the restricted funds are relatively small.

A great deal of effort was put into reducing costs of all operations. The overall expenditure was reduced from £3,303,661 to £1,940,160; a total saving of £1,363,501. A large portion of this saving came from a reduction in commercial trading costs from £2,236,238 to £724,337 a saving of £1,511,901.

Wages and Salaries were reduced from £645,673 to £532,746 which was due to the reduction in staff numbers and associated costs. Going forward this should reduce further as this figure includes redundancy payments.

Reserves

The operating loss of £272,016 was a great improvement from the losses in 2022 of £716,885. However, the net liabilities in the general fund amounted to £1,189,530. The Association continues to be funded to a considerable extent by loans from the membership and Trustees. It is important that this be returned to credit as soon as possible, although it is acknowledged that this may take many years.

Group Stock reduced from £221,802 to £154,135 due to continued sales but inability to replace stock.

The Trustees who are also directors of National Small-Bore Rifle Association for the purposes of Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RISK ASSESSMENT

has been carried on by the review of risks related to existing activities and identifying risks connected with new activities and facilities.

WORKING WITH OTHER CHARITIES

The governing body for target shooting with firearms of calibres larger than .23in. is the National Rifle Association (NRA). It was formed some 41 years earlier than the NSRA and its charitable purpose is allied to support of the armed forces. The work of the two Associations is complementary rather than competitive and there is some overlap of membership. The two Associations collaborate in matters

of common purpose such as relationships with supervisory or regulatory bodies and both are represented on BSSC and British Shooting .

PLANS FOR THE FUTURE

The financial stability of the group.

In particular the Trustees will seek to:

STATEMENT OF DISCLOSURE TO AUDITOR

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Management on 26th September 2024 and signed on its behalf:

Mr M J A Arnstein, Chairman

TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION

Opinion

We have audited the group and charity accounts of National Smallyear ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the accounts, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical 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 to provide a basis for our opinion.

Emphasis of matter related to going concern

We draw attention to the disclosures made in note 1.15 of the financial statements, in respect of the continued and the post year end initiatives to secure further funding and additional income through the signing of a new lease with its long-term tenant. The continued dependence on the bondholders indicates ability to continue as a going concern. The validity of the going concern basis depends on the Group being able to operate within its current working capital facilities which requires the assumption that the bondholder will not recall these liabilities.

The financial information does not contain any adjustments that might result from this funding being withdrawn. Our conclusion is not modified in respect of these material uncertainties.

Other information

The other information comprises the information included in the annual report, other than the accounts and our does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. 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 fact.

TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION (CONTINUED)

As described in the basis for opinion section of our report, we were unable to satisfy ourselves concerning the statement of financial activity allocations in the year ended 31 December 2023. We have concluded that where other information refers to the statement of financial activity allocations or related balances, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the possible effects of the matter described in the basis for opinion section of our report, in the light of the knowledge and understanding of the Trustees and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.

Arising solely from the limitation on the scope of our work relating to the statement of financial activity allocations, referred to above:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees' are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION (CONTINUED)

The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

including obtaining an understanding of how fraud might occur, by:

the nature and trading activities of the business.

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting report.

TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed.

Leighton Bower (Senior Statutory Auditor) For and on behalf of Rouse Audit LLP

Chartered Accountants Statutory Auditor

55 Station Road Beaconsfield

Bucks

HP9 1QL

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Statement of Financial Activities for the Group For the year ended 31 December 2023

Income and endowments from: 2023
2022
2023
2022
2023
2022
£
£
£
£
£
£
Total Funds
Unrestricted Funds
Restricted Funds
Charitable Activities
Note
Membership
3
Ranges
3
Supply services
3
Competitions and meetings
3
Development
3
Donations and legacies
Donations and legacies
2
Other Trading Activities
Commercial trading operations
Rent received
Ranges
Other Income
Sundry income
4
Rent received
4
Investment Income
Commission & Royalty
4		 430,354
453,074
430,354
453,074
83,370
76,583
83,370
76,583
35,524
107,324
35,524
107,324
168,764
136,666
56,760
168,764
193,426
10,188
14,128
10,188
14,128
19,852
6,126
19,852
6,126
541,554
1,366,713
541,554
1,366,713
292,949
250,424
292,949
250,424
37,554
51,231
37,554
51,231
36,926
62,580
36,926
62,580
5,292
5,167
5,292
5,167
5,818
-
5,818
Total Income and endowment
Expenditure on		 1,668,144
2,530,016
56,760
1,668,144
2,586,776
Charitable Activities
Membership
6
Ranges
6
Supply services
6
Competitions
6
International participation
6
Development
6
Costs of raising funds
Commercial trading operations		 496,146
339,292
496,146
339,292
40,291
110,025
40,291
110,025
301,058
257,079
301,058
257,079
334,822
268,032
10,500
56,061
345,322
324,093
37
1,485
37
1,485
32,969
35,448
32,969
35,448
630,449
2,142,350
93,888
93,888
724,337
2,236,238
Total Expenditure
Net income/(expenditure)		 1,835,772
3,153,711
104,388
149,949
1,940,160
3,303,661
(167,628)
(623,696)
(104,388)
(93,189)
(272,016)
(716,885)
Net movement in funds
Reconciliation of Funds
Total fund balances at 1 January 2023		 (167,628)
(623,696)
(104,388)
(93,189)
(272,016)
(716,885)
(970,401)
(346,705)
1,942,318
2,035,507
971,917
1,688,802
Total fund balances at 31 December 2023 (1,138,029)
(970,401)
1,837,930
1,942,318
699,901
971,917

The statement of financial activities and income and expenditure account has been prepared on the basis that all operations are continuing operations. The statement of financial activities includes all gains and losses recognised during the year and it also complies with the requirements for an income and expenditure account under the Companies Act 2006.

14

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Summary Income and Expenditure Account For the year ended 31 December 2023

Summary Income and Expenditure Account
For the year ended 31 December 2023
Note
Turnover		 Group
2023
£		 2022
£		 NSRA
2023
2022
£
£
Total income of continuing operations
Less Incoming Restricted & Endowment Fund
18
Less
Incoming Designated Funds
21
Administration and operating expenses		 1,668,144
-
4,971
1,663,174		 2,586,776
56,760
12,505
2,517,511		 1,123,831
-
4,971
1,118,860		 991,232
56,760
12,505
921,967
Total expenditure of continuing operations
Less
Outgoing Restricted & Endowment Fund
18
Less
Outgoing Designated Funds
21		 1,940,160
104,388
147
1,835,625		 3,303,661
149,949
11,735
3,141,977		 1,132,180
10,500
147
1,121,533		 1,361,600
56,061
11,735
1,293,804
Excess of income over expenditure for the year
Balance of General Funds at 1 January 2023
21
Balance of General Funds at 31 December 2023		 (172,452)
(1,017,079)
(1,189,530)		 (624,467)
(392,612)
(1,017,079)		 (2,673)
(261,223)
(263,896)		 (371,837)
110,614
(261,223)

15

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Balance Sheet - (Group) As at 31 December 2023

Unrestricted Funds Restricted Funds Total Funds
2023 2022 2023 2022 2023 2022
Notes £ £ £ £ £ £
Fixed assets
Investments 10 - - - - - -
Intangible assets 12 - - - - - -
Tangible assets 13 120,094 96,569 1,765,478 1,859,366 1,885,572 1,955,935
120,094 96,569 1,765,478 1,859,366 1,885,572 1,955,935
Current assets
Stock 14 154,135 221,802 - - 154,135 221,802
Debtors 15 107,006 208,512 - - 107,006 208,512
Cash at bank and in hand 11,353 261,134 72,452 82,952 83,805 344,086
272,494 691,448 72,452 82,952 344,946 774,400
Current liabilities
Creditors: falling due within one year 16 1,488,467 1,698,662 - - 1,488,467 1,698,662
Net current assets/(liability) (1,215,973) (1,007,214) 72,452 82,952 (1,143,521) (924,262)
Creditors falling due after one year 17 42,152 59,756 - - 42,152 59,756
Net assets (1,138,030) (970,401) 1,837,930 1,942,318 699,900 971,917
Funds
Restricted funds 18 - - 1,837,930 1,942,318 1,837,930 1,942,318
Unrestricted funds 21 (1,138,030) (970,402) - - (1,138,030) (970,402)
Total funds 22 (1,138,030) (970,402) 1,837,930 1,942,318 699,899 971,916

The financial statements were approved and authorised for issue by the Board of Management on 26 September 2024.

Signed on behalf of the board of Trustees

Mr M J A Arnstein

Notes on pages 19 to 29 form part of these accounts

16

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Balance Sheet - Charity As at 31 December 2023

Unrestricted Funds Restricted Funds Total Funds
2023 2022 2023 2022 2023 2022
Notes £ £ £ £ £ £
Fixed assets
Investments 10 248,003 248,003 - - 248,003 248,003
Intangible assets 12 - - - - - -
Tangible assets 13 33,215 15,280 - - 33,215 15,280
281,218 263,283 281,218 263,283
Current assets
Stock 14 7,142 16,892 - - 7,142 16,892
Debtors 15 880,722 640,508 - - 880,722 640,508
Cash at bank and in hand (19,993) 236,258 72,452 82,952 52,459 319,210
867,871 893,658 72,452 82,952 940,323 976,610
Current liabilities
Creditors: falling due within one year 16 1,351,396 1,338,920 - - 1,351,396 1,338,920
Net current assets/(liability) (483,525) (445,262) 72,452 82,952 (411,073) (362,310)
Creditors falling due after one year 17 20,587 32,566 - - 20,587 32,566
Net assets (222,894) (214,545) 72,452 82,952 (150,442) (131,593)
Funds
Restricted funds - - 72,452 82,952 72,452 82,952
Unrestricted funds (222,894) (214,545) - - (222,894) (214,545)
Total funds 22 (222,894) (214,545) 72,452 82,952 (150,442) (131,593)

As permitted by s408 Companies Act 2006, the Charity has not presented its own Statement of Financial Activities and related notes. The Charity's net revenues for the year was a deficit of £18,849 (2022: £370,360 deficit).

The financial statements were approved and authorised for issue by the Board of Management on 26 September 2024.

Signed on behalf of the board of Trustees

Mr M J A Arnstein

Notes on pages 19 to 29 form part of these accounts

17

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Statement of Cash Flows For the year ended 31 December 2023

Cash flow from operating activities
Note
Net Funds before adjustment
Adjusted for:
Depreciation
Profit on Disposal of Asset
Rent Recievable
Commission & royalty
Interest paid on Loans and Bonds
(Increase)/decrease Stock
(Increase)/decrease Debtors
Increase/(decrease) Creditors
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Proceeds from sale of Asset
Commission received
Rent received
Net cash flow from investing activities
Corporation tax paid
Cash flow from financing activities
Repayment of bonds
Repayment of loans
Interest Paid
Net cash flow from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 Group
2023
£
(272,016)
94,448
-
(5,292)
(5,818)
59,343
67,667
101,504
(182,605)
(142,769)
(24,083)
-
5,818
5,292
(12,973)
-
(26,000)
(19,196)
(59,343)
(104,539)
(260,281)
344,086
83,805		 2022
£
(716,885)
98,004
(15,982)
(5,167)
-
35,951
304,596
148,499
84,032
(66,952)
(55,713)
221,982
-
5,167
171,436
-
(53,000)
(19,659)
(35,951)
(108,610)
(4,126)
348,212
344,086

18

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

1 Accounting Policies The National Small-bore Rifle Association constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 102) issued on 16 July 2014, the Financial Reporting Standard applicable in United Kingdom (FRS 102) the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2021.

The charity's activities, together with achievements and performance, and a financial review of those activities, are set out in the Trustees' report.

The financial statements are prepared on a going concern basis.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 1.1 Basis of Accounting The Group financial statements have been prepared under the historical cost convention and include the results of the Association and its subsidiary companies, namely NSRA Limited and NSRA Trading Limited, using the acquisition accounting method. Inter-group transactions and balances have been eliminated on consolidation. 1.2 Income Recognition All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met. Incoming resources represent the income of the Association, excluding VAT, from the activity of promoting target shooting in the United Kingdom. Income is accounted for on a receivable basis. Grants are recognised in full in the Statement of Financial Activities when the conditions for the receipt of the grant have been fulfilled. 1.3 Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Governance costs relate to legal and professional costs and any costs related to the statutory duties of the charity. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 1.4 Depreciation Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives. Depreciation has been provided on freehold buildings but not on the cost of freehold land. All other assets are being depreciated on a straight line basis as follows:

Freehold buildings - 2% on cost Ranges and equipment - 4%, 10% & 20% on cost Furniture, fixtures and fittings - 10% on cost

1.5 Stock Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. In some instances the records of original cost of goods for resale may have been updated to current replacement cost, but any difference is not considered to be significant.

1.6 Foreign Currencies
Assets, liabilities, revenues
exchange ruling on the date
1.7 Support Costs Allocation

Assets, liabilities, revenues and costs expressed in foreign currencies are translated into sterling at rates of exchange ruling on the date on which the transactions occur.

Support costs are those that assist the work of the chairty but do not directly represent charitable activities and include office costs, governance costs and admininstrative payroll costs. They are incurred directly in support of expenditure on the object of the charity. Costs are apportioned on the basis of what is considered reasonable with regard to the proportion of staff time spent on each activity.

19

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

1.8 Operating Leases

Rentals under operating leases are charged to the profit and loss account as incurred.

1.9 Pensions

The Association contributes to a group personal pension scheme on behalf of its employees. Contributions are charged to the Statement of Financial Activities as incurred. An auto enrolment pension scheme is also provided to employees of the group and comply with the regulations of the Pension Regulation Authority.

1.10 Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

1.11 Investments

Investments in subsidiary undertakings are included at cost.

1.12 Finance Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.13 Goodwill

Positive purchased goodwill is capitalised and classified as an asset on the balance sheet. This acquired goodwill will be written off in equal annual instalments over its estimated economic life. For the purposes of these financial statements goodwill is written off on a straight line basis over 10 years.

1.14 Intangible assets

Intangible assets acquired separately from a business are recognised at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over the useful economic life of the asset. For the purposes of these financial statements intagnible assets are written off on a straight line basis over 10 years.

1.15 Going Concern

The charity continues to rely on funding from loan and bondholders. The Trustees have considered this in light of the going concern basis and see the continuation of this funding as an important factor. Post year end the Charity has been granted further funding from Sport England for furtherance of its charitiable activities. This, together with the securing of a new lease with its tenant, has secured the short to medium term funding of the Group. They have also noted that the charity has significant regular income from memberships and supply services and that this is expected to continue. The Trustees continue to seek guarantees from the largest lender they will not recall or withdraw their funds within less than one year from the date of approval of the financial statements. They believe that the other bondholders will not withdraw their support, as in past years.

The group has made losses in the year of £272,016, with net liabilities at 31 December 2023 in the general fund of £1,189,532. The Trustees recognise the need to manage costs of the Charity and have made progress in 2024.

This represents a material uncertainty which may cast doubt on the charity's ability to continue as a going concern.

Based on the securing of a new lease and further funding from Sport England, the Trustees have a reasonable expectation that the charity will continue in operational existence for the forseeable future.

The financial statements do not include any adjustments that would result from a withdrawal of the funding by the bondholders. This represents the main critical judgement in preparing the financial statements.

Accordingly they have adopted the going concern basis in preparing the report and financial statements.

20

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

2 Income from donations and legacies

2023 2022
£ £
Donations 19,852 6,126
Total 19,852 6,126

Income from donations was £19,852 (2022: £6,126) of which £19,852 (2022: £6,126) was attributable to unrestricted funds and £nil (2022: £nil) was attributable to restricted funds.

3 Income from charitable activities

2023 2022
£ £
Membership 430,354 453,074
Ranges 83,370 76,583
Supply services 35,524 107,324
Competitions and meetings 168,764 193,426
Development 10,188 14,128
Total 728,199 844,535

Income from charitable activities was £728,199 (2022: £844,535) of which £728,199 (2022: £787,775) was attributable to unrestricted funds and £nil (2022: £56,760) was attributable to restricted funds.

4 Other Income

Other Income
2023 2022
£ £
Sundry income 36,763 46,777
Furlough grant income 163 12,963
Rent received 5,292 5,167
Commission & royalty 5,818 -
Total 48,035 64,907

Other income totalled £48,035 (2022: £64,907) of which £48,035 (2021: £64,907) was attributable to unrestricted funds and £nil (2022: £nil) was attributable to restricted funds.

5 Net Income / (Expenditure) for the year

Net income / (expenditure) is stated after charging

2023 2022
£ £
Depreciation of tangible fixed assets 94,448 98,004
Amortisation of intangible assets - -
Operating lease rental 4,687 4,048

21

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

6 Charitable activities resources expended

Membership subscriptions relates to the annual benefits derived from being a member of the NSRA, whereas ranges and competitions income is primarily based on fees for use of the shooting ranges and entry into national competitions run by the NSRA. Supply income is generated principally from activities undertaken at the Lord Roberts Centre and the sale of goods for these activities.

430
435
440
445
450		 Staffing
Direct
costs
Support
Total
Total
2023
2022
Charitable activities
£
£
£
£
£
Membership
69,190
-
426,956
496,146
339,292
Ranges
40,291
-
-
40,291
110,025
Supply
110,044
-
191,014
301,058
257,079
Competitions
137,804
-
197,018
334,822
268,032
International match participation
37
-
-
37
1,485
Development
-
24,526
8,443
32,969
35,448
Total
357,366
24,526
823,431
1,205,323
1,011,361

7 Support costs

The group allocates its support costs as shown in the table below and then further apportions those costs between the charitable activities undertaken (see note 6). Support costs are allocated on a basis consistent with the use of the resource.

Support costs Membership
Ranges
Supply
Competitions
Development
Total
£
£
£
£
£
£
Staff & admin costs
Establishment costs
Financial costs		 261,401
-
116,947
120,623
5,169
504,141
137,163
-
61,365
63,294
2,712
264,534
28,391
-
12,702
13,101
561
54,756
426,956
-
191,014
197,018
8,443
823,431

Governance costs of £44,166 relate to the general running of the charity and are not associated with either generating funds or charitable activities, and are included in the above support costs.

Auditors remuneration for the group amounted to £27,750 (2022: £34,200).

22

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

8 Staff costs

The average number of employees engaged by the Association and its subsidiaries during the year was 28 (2022: 30).

No of Employees Emoluments in excess of £60,000: -

The costs shown in the financial statements are made up as follows:

2023 2022
Staff costs £ £
Wages and salaries 490,910 591,006
Social security costs 36,143 48,960
Other pension costs 5,693 5,707
Total 532,746 645,673

9 Directors' and key Management Expenses

Members of the Association's Board of Management are directors for the purposes of the Companies Act 2006 as defined by the constitution of the Association and are the Trustees of the charitable activities of the Association. Their appointments are honorary and they may claim reimbursement of out of pocket expenses incurred in the performance of various duties. The aggregate amount of expenses for travel and subsistence was £605 (2022: £1,110).

Indemnity insurance is in place to cover Trustees, which is covered by the general insurance policy of the Association.

The aggregate remuneration paid to key management personnel was £48,226 (2022: £89,180).

10 Fixed asset investments

The results of the Association's 100% owned trading subsidiaries have been consolidated in these financial statements.

Group NSRA
2023 2022 2023 2022
Fixed asset investments £ £ £ £
At 1 January 2023 - - 248,003 248,003
Additions in the year - - - -
Disposal in the year - - - -
Diminution of investments - - - -
At 31 December 2023 - - 248,003 248,003

Investments in group undertakings are stated at cost.

23

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

The results of the consolidated subsidiaries for the year ended 31 December 2023 are summarised below:

Profit/(loss) and net assets NSRA
NSRA Trading
Limited
Limited
£
£
Turnover
Cost of Sales
Gross profit
Administration Expenses
Other Operating Income
Taxation
Net Profit/(loss)
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Net assets/(liabilities)
The subsidiaries are used for non-primary purpose trading activities. All activities have been consolidated on a line by line
basis in the SoFA.
No provision has been made against the Association's investment in its subsidiaries as the losses to date are expected
to be recovered from future profits.
NSRA Limited, a 100% owned subsidiary incorporated in England and Wales, provides shooting facilities at the Lord Roberts
Centre, Bisley.
NSRA Trading Limited (formerly Bisley Sports Wholesale Limited), a 100% owned subsidiary incorporated in England and Wales,
supplies mainly imported shooting merchandise to the retail trade.		 795,941
10,000
(392,542)
-
403,399
10,000
(661,382)
(4,180)
93,888
-
-
-
(164,095)
5,820
2,043,670
486,550
(2,672,190)
(525,208)
(628,520)
(38,658)

11 Interest payable and similar charges

12 2023
2022
£
£
Loans
43
840
Bonds
59,300
35,111
Total
59,343
35,951
Intangible assets
Group
NSRA
£
£
Cost
At 1 January 2023
34,464
25,000
Disposals
(34,464)
(25,000)
At 31 December 2023
-
-
Accumulated amortisation
At 1 January 2023
34,464
25,000
Amortisation for the year
-
-
Amortisation eliminated on disposals
(34,464)
(25,000)
At 31 December 2023
-
-
Net book value at 31 December 2023
-
-
Net book value at 31 December 2022
-
-

24

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

13 Tangible fixed assets (Group)

Tangible fixed assets (Group)
Freehold land Ranges & Furniture, Total
& buildings equipment fixtures &
fittings
Group £ £ £ £
Cost
At 1 January 2023 3,400,277 1,086,211 469,038 4,955,525
Additions - - 24,083 24,083
Transfer - - - -
Disposals (3,600) (100,320) (103,920)
At 31 December 2023 3,400,277 1,082,611 392,801 4,875,689
Accumulated depreciation
At 1 January 2023 1,539,254 1,065,040 395,296 2,999,590
Charge for the year 68,212 3,250 22,985 94,448
Disposals - (3,600) (100,320) (103,920)
At 31 December 2023 1,607,466 1,064,690 317,961 2,990,117
Net book value at 31 December 2023 1,792,811 17,921 74,840 1,885,572
Net book value at 31 December 2022 1,861,023 21,170 73,742 1,955,935
Tangible fixed assets (NSRA)
Freehold land Ranges & Furniture, Total
& buildings equipment fixtures &
fittings
NSRA £ £ £ £
Cost
At 1 January 2023 265,543 106,206 371,749
Additions - - 24,083 24,083
Disposals - (62,668) (62,668)
At 31 December 2023 - 265,543 67,621 333,164
Accumulated depreciation
At 1 January 2023 - 258,718 97,750 356,468
Charge for the year - 1,231 4,917 6,148
Disposals - - (62,668) (62,668)
At 31 December 2023 - 259,949 39,999 299,948
Net book value at 31 December 2023 - 5,594 27,622 33,216
Net book value at 31 December 2022 - 6,825 8,456 15,281

25

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

14 Stock

Stock
Group NSRA
2023 2022 2023 2022
£ £ £ £
Finished goods for resale 154,135 221,802 7,142 16,892
154,135 221,802 7,142 16,892

All stock held is for trading through susidiary companies and a small portion of charity badge's stock is held for awarding as prizes in different shooting competitions throughout the year.

15 Debtors

Debtors
Group NSRA
2023 2022 2023 2022
£ £ £ £
Trade debtors 42,730 145,466 36,197 11,486
Amounts owed by group undertakings - - 792,883 575,713
Other debtors 46,671 57,231 41,233 51,676
Prepayments 17,605 5,815 10,409 1,633
107,006 208,512 880,722 640,508
Less Provision for bad debts - - - -
107,006 208,512 880,722 640,508

16 Creditors: falling due within one year

Creditors: falling due within one year
Group NSRA
2023 2022 2023 2022
£ £ £ £
Bank loan and overdraft 20,880 22,472 11,504 11,220
Other loans 713,500 739,500 713,500 739,500
Trade creditors 156,736 265,234 106,773 112,637
Income received in advance 411,834 359,934 378,429 326,529
Taxation and social security 41,517 123,543 28,304 23,090
Other creditors 70,782 72,859 57,264 58,795
Accruals 73,218 115,120 55,623 67,149
1,488,467 1,698,662 1,351,397 1,338,920

The Lord Roberts Centre has a secured creditor in the form of a charge held over the property by the English Sports Council in the event that the property be sold. This charge is in favour of the original cost of the property, met through the grant in proportion to the current market value; amounting to £4,143,329.

Income received in advance represent the subscription fees paid by clubs and individual members relating to the coming year.

17 Creditors: falling due after one year

Creditors: falling due after one year
Group NSRA
2023 2022 2023 2022
£ £ £ £
Other loan 42,152 59,756 20,587 32,566
42,152 59,756 20,587 32,566

26

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

18 Restricted funds

At At Income Expenditure Expenditure At 31 At 31
1 January 1 January December December
2023 2022 2023 2022 2023 2022 2023 2022
£ £ £ £ £ £ £ £
Restricted funds
Lottery Grant 1,859,366 1,953,254 - - (93,888) (93,888) 1,765,478 1,859,366
Gerald Cafferata Award 13,743 13,743 - - - - 13,743 13,743
British Olympic Appeal 1,962 1,962 - - - - 1,962 1,962
Pershing Trophy Match Fund 16,559 16,985 - 55,635 (10,500) (56,061) 6,059 16,559
GB Junior Squad Fund 44,688 43,563 - 1,125 - - 44,688 44,688
Claude Sonley Legacy 6,000 6,000 - - - - 6,000 6,000
Total 1,942,318 2,035,507 56,760 (104,388) (149,949) 1,837,930 1,942,318

Information

Lottery Grant The Association received this grant from the Lotteries Commission in order to construct the Lord Roberts Centre. The grant is being released over the estimated life of the building.

Gerald Cafferata Award The fund represents a gift to be held as capital, with any income generated, to be awarded annually to a deserving junior.

British Olympic Appeal The fund is used to support BOA in sending rifle and pistol members of Team GB to the Olympic Games every four years. Pershing Trophy Match Fund The fund is used to support the GB team competing for the Pershing Trophy in the USA every eight years. GB Junior Squad Fund The fund is used to support the development of junior members to international competition standards. Claude Sonley Legacy The legacy is to support the annual Queen Alexandra Cup competition.

19 Contingent liability

As part of the original terms for granting the lottery fund, the Lord Roberts Centre has a secured creditor in the form of a charge held over the property by the English Sports Council in the event that the property be sold. This charge is in favour of the original funds granted by the English Sports Council, as part of the lottery fund, in order to construct the Lord Roberts Centre amounting to £4,143,329. The charge covers any uplift in market value in proportion to the original investment met by the English Sports Council. No provision has been made for the contingent liability as there is no intention to dispose of the property and it continues to be used in accordance with the agreed terms.

20 Financial instruments

Debt instruments measured at amortised cost

Debt instruments measured at amortised cost
2023 2022
Financialassets £ £
Trade debtors 42,730 145,466
Other debtors 46,671 57,231
89,401 202,697
Financial liabilities
Bank loans 20,880 22,472
Other loans 713,500 739,500
Trade creditors 156,736 265,234
Other creditors 70,782 72,859
961,898 1,100,065

27

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

21 Unrestricted funds

Unrestricted funds
Group NSRA
At 1 At 1 Income Expenditure At 31 At 31
January January December December
2023 2022 2023 2022 2023 2022 2023 2023
Designated £ £ £ £ £ £ £ £
Life Membership 1,500 1,500 - - - - 1,500 1,500
Blind Shooting Fund 30,173 29,403 4,971 12,505 (147) (11,735) 34,997 34,997
Range Grants Fund 14,955 14,955 - - - 14,955 14,955
Museum Fund 50 50 - - - - 50 50
46,678 45,908 4,971 12,505 (147) (11,735) 51,502 51,502
General (1,017,080) (392,613) 1,663,174 2,517,511 (1,835,625) (3,141,977) (1,189,532) (274,396)
(970,402) (346,705) 1,668,144 2,530,016 (1,835,772) (3,153,712) (1,138,030) (222,894)

Information

Life Membership Fund The fund is being used to ameliorate life members' costs. Range Grants Fund The fund represents a special allocation set aside from general funds to provide for distribution when the Association has resources available to make a matching investment. Blind Shooting Fund Represents funds raised by the Association and distributed to further the participation of blind and partially sighted people in target shooting.

22 Analysis of net assets

Analysis of net assets
Group NSRA
Intangible Tangible Net current Long term Total Total
fixed assets fixed assets assets creditors
/(liabilities)
£ £ £ £ £ £
Restricted
Endowment funds - - - - - -
Restricted funds - 1,837,930 - - 1,837,930 72,452
Unrestricted funds
Designated funds - - 51,502 - 51,502 51,502
General funds - 120,094 (1,309,627) - (1,189,532) (274,396)
- 1,958,024 (1,258,125) - 699,900 (150,442)

23 Trophies

The value of trophies held by the Association are not reflected in these financial statements.

28

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2023

24 Leasing commitments

At 31 December 2023 the Association and group was committed to making the following payments under non-cancellable operating leases:

Land and buildings Others
2023 2022 2023 2022
Operating leases which expire: £ £ £ £
In one year - - 4,687 4,687
Between two and five years - - 12,890 17,557

25 Related party transactions

The following Trustees were bondholders of the Association as at 31st December 2023 amounting to:

£
Mr M.J.A. Arnstein and Mrs M.J.B Arnstein 20,000
Mr E.Kendall 10,000
Mr M.J. Chapman 11,500

Interest is paid on these loans at 2.75% above the Bank of England base rate.

As at 31st December 2023, the Association had received loans from the following Trustees amounting to:

£
Mr M.J.A. Arnstein and Mrs M.J.B. Arnstein 24,625
Mr M.J. Chapman 10,855
Mr N. Cole-Hawkins 7,918
Mr R.J. Dowling 3,859

Interest is paid on these loans at 2.75% above the Bank of England base rate.

The total donations to the Assocation from Trustees in the year ended 31st December 2023 was £1,187 (2022: £nil).

26 Analysis of changes in net debt

Analysis of changes in net debt
At 1 Cash flows Other non- At 31
January cash December
2023 changes 2023
£ £ £ £
Cash and cash equivalents
Cash 344,086 (260,281) 83,805
Overdrafts - - -
Cash equivalents 430,314 (169,173) 261,141
774,400 (429,454) 344,946
Borrowings
Debt due within one year 1,698,662 (210,195) 1,488,467
Debt due after one year 59,756 (17,604) 42,152
1,758,418 (227,799) 1,530,619
(984,018) (201,655) (1,185,673)

29