OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

NATIONAL SMALL-BORE RIFLE ASSOCIATION

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

ANNUAL REPORT 2024

NATIONAL SMALL-BORE RIFLE ASSOCIATION

REPORT OF THE TRUSTEES WITH THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

(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 PATRON H M The King PRESIDENT Mr W G Doe VICE PRESIDENTS Dr J Coleman Mr A N Gibbons Mr G D Pound Mr B A Woodall EX-OFFICIO VICE PRESIDENTS Lord Lieutenants in the United Kingdom

1

The BOARD of MANAGEMENT (being the Directors and Trustees of the Charity who served during the year to 31 December 2024) Chairman Mr M J A Arnstein Vice-Chairman Mr M Guille Honorary Treasurer Mr M J Scrivens (deceased 30 September) Mr P Le Marinel (from 14 November) Members Mr M J A Arnstein Mr M J Chapman (from 9 April) Mr N Cole-Hawkins (to 15 June) Mr R J Dowling Mr M Guille Ms J Howden Mr P Le Marinel (from 11 September) Mr J O Lloyd SUB-COMMITTEES Mr N J Almond (r – to 30 April), (ref) of the Board of Management Mr C Blow (pac – from 1 May) Mr A Bowman (pac) Mr D Brigden (a) Mr M Buttery (r) 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 – from 1 May) Mr R Heath (ref) Dr P Holdstock (pac), (ref) Mr C Hunter (r – from 1 May) Mrs S Joyce (pac – from 1 May) Mr E Kendall (r) Mr J R W Latimer (a) Mr J O Lloyd (pac – from 1 May) Mr P M Mann (r – to 30 April) Mr T Metcalfe (pac – to 30 April) Ms V Minett (r – from 1 May) Mrs J Nicholl (a) Mr D Poxon (r), (pac – from 1 May) Mr P L Ralph (a) Mr P Richardson (pac – from 1 May) Mr H C Taylor (r – to 30 April) Mrs E J Twyford (pac) Mr R Vassie (r – from 1 May)

Key:

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

2

SHOOTING COUNCIL being the Board of Management and: Administrative Members Mr N J Almond (2023) (with year of election) Mr M Buttery (2024) Mr M J Chapman (2023) Mr A N Gibbons (2021 to 28 September) Mr P Jones (2022) Mr T Metcalfe (2024) Mrs A J Millar (2022)

County Association Representatives

County Association Representatives
Aberdeenshire Mr J R W Latimer
Ayrshire Mr C Fox
Bedfordshire Mr S Beadle
Berkshire Mr J Allum
Buckinghamshire Mrs J Nicholl
Caithness Mr H Simpson
Cambridgeshire Mr W S Cowell
Cheshire & North Wales Mr H C Taylor, Mr G Scott-Brooker
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
Forth & Clyde Mr R R Simpson
Gloucestershire Mr E Hatcher
Hampshire Mr D Barrett-Peyton
Hertfordshire Mrs Y P Edwards
Isle of Man Mr H Creevy
Jersey Vacant
Kent Mr 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 Mr S Kelly
Nottinghamshire Mr A Cooney
Oxfordshire Mr J Sims
Perthshire Vacant
Shropshire Mr R S Heath
Somerset Mrs C Monksummers
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, Mr A Burcher

3

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
Lloyds Bank plc
25 Gresham Street
London
EC2V 7HN
National Westminster Bank plc
15 Bishopsgate
London EC2P 2AP
Insurance Brokers Marsh Sport
32-36 Victoria Street
Bristol BS1 6BX
Solicitors Blake Morgan LLP
New Kings Court
Tollgate
Chandler’s Ford
Eastleigh
Hampshire SO53 3LG

4

ACTIVITIES DURING THE YEAR

NSRA Shop

The shop at LRC has closed and the main shop operation has been moved to Aldersley. Ammunition, targets and some shooting essentials will still be available at Bisley and can be obtained via reception. A pop-up shop will be available to buy other shooting equipment during the major meetings at Bisley. This was trialled over the British Open Airgun Championships weekend and was successful. With the help of volunteers, the NSRA office was moved into the old shop and armoury. The Civil Nuclear Constabulary (CNC) contractors have started work on the fit-out for the new CNC offices and tactical training area.

LRC Ranges

The 6-yard airgun range has been constructed in the old gym at LRC with club room space to the rear. The construction of 2 x 10m airgun ranges have been completed, on upstairs to the rear of the hockey rink and another in the test range area. The three ranges are operational and being used by the Centurions club, the Army and casual shooters using the range. Work has commenced on the 4 lane 50m range in the test range area.

Clubs and other organisations

The NSRA continued to support clubs and other affiliated organisations. Following discussion with the insurers, some Bell Target Leagues that affiliate to the NSRA under the category of “leagues” may not have cover for all their activities. Bell Target Leagues reaffiliating for 2025 are being advised to contact the NSRA to discuss their activities in order that the correct category of membership can be found.

Competitions

Junior International

The week ran smoothly thanks to Sharon Joyce and her team. There were some good results with around 160 shooters and 19 teams taking part.

Bisley 2024

The Bisley meeting took place over 10[th] to the 17[th] August with 357 entries. The meeting went well, and the feedback is being analysed to help improve future events. Preparations have started for the Bisley 2025 meeting which will incorporate the Roberts international match with the USA. Also, a new competition for international shooters is being developed to be launched at the event.

British Open Airgun Championships

The British Open Airgun meeting ran smoothly with 212 competitors, an increase on last year’s attendance.

Eley

The Eley competition had over 1500 entries this year. For the first time, the final took place at Aldersley over the weekend of 19[th] and 20[th] October. The final ran smoothly with few issues. Some shooters were not happy with the move, but the majority reported that they enjoyed the event. Our thanks go out to Eley Ltd who again supplied the prizes

Dewar

The GB Team shot the Dewar Competition against the USA to beat the Americans with a new record score for the GB Team. Cadets

The Cadet Championships was once again held at LRC over the weekend of 9[th] and 10[th] March. As well as the usual community Cadet Championships, an additional Combined Cadet Force Championships also took place on Sunday for the first time. A further Cadet competition along the lines of the Drew match is being considered for next year.

Olympics and Paralympics

The 2024 Olympics and Paralympics was held in Paris, France with the shooting events taking place at Chateauroux. Clubs and the NSRA received several enquiries from people who had seen shooting on the TV and wished to get involved.

Coaching courses

Coaching courses and RCO qualifications have returned to pre covid levels. Following the large number of renewals post covid, renewals and courses have stabilised. A new Club Instructor course is under development for the Benchrest discipline

5

Aldersley

British Shooting

Legislation

General

The NSRA continued to represent target shooting in meetings with the police, Government and other external agencies including the Firearms Consultative Meetings at New Scotland Yard and the Royal College of Policing to address all Firearms Licensing Managers and inform them of what the NSRA can offer.

Section 11(4) Miniature Rifle Ranges

Following several meetings with the Home Office and police, feedback has been received from the Home Office on the new regulations relating to the 2023 Firearms Act which will commence on 1 May 2025

This may reduce the number of miniature rifle ranges offering access to small-bore shooting.

6

Crossbow

A consultation took place calling for information and evidence about whether licensing of crossbows should be introduced on public safety grounds. The NSRA are prepared a statement to help guide the completion of this consultation.

Blank Firers

The National Crime Agency forensically tested Turkish manufactured Top Venting Blank Firing Firearms and concluded that they ’readily convertible’ to live fire and so are effectively prohibited. These could be handed in under an amnesty, but no compensation was paid by the Government on the basis that they were illegal under current legislation.

Lead

Further meetings have taken place with UK Reach. The updated document they have prepared has the following recommendations:

The NSRA and NRA are working together on a joint document to cover the de-leading of target shooting ranges to present to the HSE and Environment Agency.

Incoming Resources

Total gross income for the NSRA and its subsidiaries increased to £1,920,726 an increase of £252,582.

The four main elements of income generation are membership and affiliations, ranges, commercial trading operations and competitions. Membership includes clubs’ affiliation fees as well as individual members’ subscriptions.

The NSRA received a grant from Sport England to further its objectives which went some way to support cashflow in the latter part of the year.

Membership income increased from £430,354 to £ 520,410 mainly due to a restructure of the affiliation levels and a general increase in fees.

Trading income was reduced from £541,554 to £364,282 due to the movement of the shop and lack of stock which needed to be built back up in particular stocks of ammunition. Range income was reduced from £37,554 to £25,351 as the range space at LRC has been reduced.

Rental Income increased from £292,949 to £319,816 as the CNC lease came online on 1[st] September 2024. This was at a reduced rate for the first 3 months during the fit-out period.

The shooting centre at Aldersley shows a decrease in income from £83,370 to £61,156 due to reduced footfall at the centre and lack of stock to enable trading.

The total individual membership of the Association for 2024 was 3,009 people. This compares with 2982 in 2023. Club affiliations increased from 819 clubs in 2023 to 825 clubs in 2024. This shows a slight increase in both areas as more people steadily reengage with the sport post Covid.

Increases in the cost of ammunition, travel and accommodation and the general increase cost of living have been cited as some of the reasons people are staying in their own club and travelling less to take part in competitions. Also, some shooters are opting to take part in more local postal competitions that don’t require individual membership of the Association.

7

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 continued to be put into reducing costs of all operations. The overall spend was reduced slightly from £1,949,823 to £ 1,933,489; a total saving of £16,334 but basically maintaining the new lower levels of expenditure. A large portion of this saving came from a reduction in costs related to competitions, in particular the Bisley and British Open Airgun meetings.

Wages and Salaries costs were reduced from £532,746 to £416,165 with staffing levels being reduced to 24 for the Association. The figure for 2023 included a higher number of redundancy payments which made the figure higher than would be normally expected, increasing the difference.

Reserves

The Group made a loss during the year of £12,764. This is again an improvement on the loss for 2023 which was £272,016.

The net liabilities in the general fund amounted to £1,106,808. 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 £154,136 to £58,266 due to continued sales but inability to replace stock.

TRUSTEES’ RESPONSIBILITIES

The trustees who are also directors of National Small-Bore Rifle Association for the purposes of company law are responsible for preparing the Trustees’ Annual Report including the Strategic 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

Trustees are required to undertake a risk assessment of the Association’s activities and this process has been carried on by the review of risks related to existing activities and identifying risks connected with new activities and facilities.

8

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. There is some overlap of membership between the two associations.

PLANS FOR THE FUTURE

The Trustees’ plans for the future centre on two principal objectives:

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 information included on the charitable company’s website. 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 18th September 2025 and signed on its behalf:

Mr M J A Arnstein, Chairman

9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION

Opinion

We have audited the group and charity accounts of National Small-Bore Rifle Association (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and 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:

e give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

e have been prepared in accordance with the requirements of the Companies Act 2006.

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 requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and 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.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the accounts and our auditor's report thereon. The Trustees are responsible for the other information. Our opinion on the accounts 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 course of 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 this gives rise to a material misstatement in the accounts themselves. If, based on the work we have performed, we conclude that there is a material misstate-

ment of this other information, we are required to report that fact.

We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: e the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

e the Trustees' Report has been prepared in accordance with applicable legal requirements.

10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION

Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or e certain disclosures of Trustees' remuneration specified by law are not made; or e the financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees As explained more fully in the Trustees’ responsibilities statement, 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.

In preparing the accounts, the Trustees are responsible for assessing the charitable company's ability to continue as a going 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.

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

e the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; e through discussions with the Trustees and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the company; and e focusing on the specific laws and regulations which we considered may havea direct material effect on the financial statements or the operations of the charitable company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

11

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL SMALL-BORE RIFLE ASSOCIATION

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

e making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

¢ considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

¢ performed analytical procedures to identify any unusual or unexpected relationships; ¢ tested journal entries to identify unusual transactions; e assessed whether judgements and assumptions made in determining the accounting estimates detailed in the accounting policies were indicative of potential bias; and « investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

¢ agreeing financial statement disclosures to underlying supporting documentation; and e enquiring of management as to actual and potential litigation and claims.

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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rowse Audit LLP

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

Chartered Accountants Statutory Auditor

55 Station Road Beaconsfield Buckinghamshire HP9 1QL Date: ........227“S€P:2025

12

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Statement of Financial Activities for the Group For the year ended 31 December 2024

Income and endowments from: 2024
2023
2024
2023
2024
2023
£
£
£
£
£
£
Unrestricted Funds
Restricted Funds
Total 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		 520,410
430,354
520,410
430,354
61,156
83,370
61,156
83,370
85,587
35,524
85,587
35,524
178,532
168,764
178,532
168,764
12,518
10,188
12,518
10,188
134,838
19,852
180,000
314,838
19,852
364,282
541,554
364,282
541,554
319,816
292,949
319,816
292,949
25,351
37,554
25,351
37,554
23,898
36,926
23,898
36,926
6,708
5,292
6,708
5,292
7,628
5,818
7,628
5,818
Total Income and endowment
Expenditure on		 1,740,726
1,668,144
180,000
1,920,726
1,668,144
Charitable Activities
Membership
6
Ranges
6
Supply services
6
Competitions
6
International participation
6
Development
6
Costs of raising funds
Commercial trading operations		 531,689
496,146
531,689
496,146
31,433
40,291
31,433
40,291
323,201
301,058
323,201
301,058
291,516
334,822
10,500
291,516
345,322
0
37
37
39,401
32,969
39,401
32,969
442,361
630,449
273,888
93,888
716,249
724,337
Total Expenditure
Net income/(expenditure)		 1,659,601
1,835,772
273,888
104,388
1,933,489
1,940,161
81,125
(167,628)
(93,888)
(104,388)
(12,764)
(272,017)
Net movement in funds
Reconciliation of Funds
Total fund balances at 1 January 2024		 81,125
(167,628)
(93,888)
(104,388)
(12,764)
(272,017)
(1,138,029)
(970,401)
1,837,930
1,942,318
699,901
971,917
Total fund balances at 31 December 2024 (1,056,904)
(1,138,029)
1,744,042
1,837,930
687,138
699,901

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.

13

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Summary Income and Expenditure Account For the year ended 31 December 2024

Note
Turnover		 Group
2024
£		 2023
£		 NSRA
2024
2023
£
£		 NSRA
2024
2023
£
£
Total income of continuing operations
Less Incoming Restricted & Endowment Fund
17
Less Incoming Designated Funds
20
Administration and operating expenses		 1,920,726
180,000
109,995
1,630,731		 1,668,144
4,971
1,663,174		 1,520,608
180,000
109,995
1,230,613		 1,123,831
4,971
1,118,860
Total expenditure of continuing operations
Less Outgoing Restricted & Endowment Fund
17
Less Outgoing Designated Funds
20		 1,933,489
273,888
111,592
1,548,009		 1,940,160
104,388
147
1,835,625		 1,240,112
180,000
111,592
948,520		 1,132,180
10,500
147
1,121,533
Excess of income over expenditure for the year
Balance of General Funds at 1 January 2024
20
Balance of General Funds at 31 December 2024		 82,722
(1,189,530)
(1,106,808)		 (172,452)
(1,017,079)
(1,189,530)		 282,093
(263,896)
18,197		 (2,673)
(261,223)
(263,896)

14

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Balance Sheet - (Group) As at 31 December 2024

Unrestricted Funds Unrestricted Funds Restricted Funds Restricted Funds Total Funds
2024 2023 2024 2023 2024 2023
Notes £ £ £ £ £ £
Fixed assets
Investments 10 - - - - - -
Tangible assets 12 145,758 120,094 1,671,590 1,765,478 1,817,348 1,885,572
145,758 120,094 1,671,590 1,765,478 1,817,348 1,885,572
Current assets
Stock 13 58,266 154,135 - - 58,266 154,135
Debtors 14 97,984 107,006 - - 97,984 107,006
Cash at bank and in hand 261,145 11,353 72,452 72,452 333,597 83,805
417,395 272,494 72,452 72,452 489,847 344,946
Current liabilities
Creditors: falling due within one year 15 1,542,832 1,488,467 - - 1,542,832 1,488,467
Net current assets/(liability) (1,125,436) (1,215,973) 72,452 72,452 (1,052,984) (1,143,521)
Creditors falling due after one year 16 77,227 42,152 - - 77,227 42,152
Net assets (1,056,904) (1,138,030) 1,744,042 1,837,930 687,138 699,900
Funds
Restricted funds 17 - - 1,744,042 1,837,930 1,744,042 1,837,930
Unrestricted funds 20 (1,056,904) (1,138,030) - - (1,056,904) (1,138,030)
Total funds 21 (1,056,904) (1,138,030) 1,744,042 1,837,930 687,138 699,900

The financial statements were approved and authorised for issue by the Board of Management on 18 September 2025.

Signed on behalf of the board of Trustees

……………………………………………………… Mr M J A Arnstein

Notes on pages 19 to 29 form part of these accounts

15

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Balance Sheet - Charity As at 31 December 2024

Unrestricted Funds Unrestricted Funds Restricted Funds Restricted Funds Total Funds
2024 2023 2024 2023 2024 2023
Notes £ £ £ £ £ £
Fixed assets
Investments 10 248,003 248,003 - - 248,003 248,003
Tangible assets 12 25,094 33,215 - - 25,094 33,215
273,097 281,218 273,097 281,218
Current assets
Stock 13 - 7,142 - - 7,142
Debtors 14 1,085,964 880,722 - - 1,085,964 880,722
Cash at bank and in hand 116,287 (19,993) 72,452 72,452 188,739 52,459
1,202,251 867,871 72,452 72,452 1,274,703 940,323
Current liabilities
Creditors: falling due within one year 15 1,347,188 1,351,396 - - 1,347,188 1,351,396
Net current assets/(liability) (144,937) (483,525) 72,452 72,452 (72,485) (411,073)
Creditors falling due after one year 16 68,961 20,587 - - 68,961 20,587
Net assets 59,199 (222,894) 72,452 72,452 131,651 (150,442)
Funds
Restricted funds - - 72,452 72,452 72,452 72,452
Unrestricted funds 59,199 (222,894) - - 59,199 (222,894)
Total funds 21 59,199 (222,894) 72,452 72,452 131,651 (150,442)

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 surplus of £280,496 (2023: £18,849 deficit).

The financial statements were approved and authorised for issue by the Board of Management on 18 September 2025

.

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

Statement of Cash Flows For the year ended 31 December 2024

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
Receipt/(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
2024
£
(12,764)
96,522
-
(6,708)
(7,628)
64,093
95,869
9,025
52,197
290,606
(28,298)
-
7,628
6,708
(13,962)
-
60,000
(22,759)
(64,093)
(26,852)
249,792
83,805
333,597		 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

17

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

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.

Rental income is recognised evenly over the lease term as the service is provided.

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

1.7 Support Costs Allocation

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.

18

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

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 £12,764, with net liabilities at 31 December 2024 in the general fund of £1,106,808. The Trustees recognised the need to secure the medium term funding of the Charity and sought support from Sport England. As a result, the Charity was granted further funding from Sport England for furtherance of its charitable activities and secured a new lease with its tenant. The trustees believe this, together with the regular income from memberships and supply services, has secured the funding requirements of the Charity.

The charity continues to rely on funding from loan and bondholders. The Trustees have considered this as part of the going concern basis and see the continuation of this funding as an important factor. 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.

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 foreseeable 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, the Trustees have adopted the going concern basis in preparing the report and financial statements.

19

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

2 Income from donations and legacies

2024 2023
£ £
Donations 314,838 19,852
Total 314,838 19,852
Income from donations was £314,838 (2023: £19,852) of which £134,838 (2023: £19,852) was attributable to
unrestricted funds and £180,000 (2023: £nil) was attributable to restricted funds.

3 Income from charitable activities

2024 2023
£ £
Membership 520,410 430,354
Ranges 61,156 83,370
Supply services 85,587 35,524
Competitions and meetings 178,532 168,764
Development 12,518 10,188
Total 858,204 728,199

Income from charitable activities was £858,204 (2023: £728,199) of which £858,204 (2023: £728,199) was attributable to unrestricted funds and £nil (2023: £nil) was attributable to restricted funds.

4 Other Income

Other Income
2024 2023
£ £
Sundry income 16,270 36,763
Furlough grant income - 163
Rent received 6,708 5,292
Commission & royalty 7,628 5,818
Total 30,606 48,035

Other income totalled £30,606 (2023: £48,035) of which £30,606 (2023: £48,035) was attributable to unrestricted funds and £nil (2023: £nil) was attributable to restricted funds.

Net income / (expenditure) is stated after charging

Net income / (expenditure) is stated after charging
2024 2023
£ £
Depreciation of tangible fixed assets 96,522 94,448
Amortisation of intangible assets - -
Operating lease rental 4,687 4,687

20

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

7 Support costs

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
2024
2023
Charitable activities
£
£
£
£
£
Membership
66,152
525
465,012
531,689
496,146
Ranges
31,433
-
-
31,433
40,291
Supply
122,523
-
200,678
323,201
301,058
Competitions
118,043
-
173,473
291,516
334,822
International match participation
-
-
37
Development
-
29,795
9,606
39,401
32,969
Total
338,151
30,320
848,769
1,217,240
1,205,323
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
55%
resource.
300,773
Membership
Ranges
Supply
Competitions
Development
Total
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
55%
resource.
300,773
Membership
Ranges
Supply
Competitions
Development
Total
Support costs
£
£
£
£
£
£
Staff & admin costs
Establishment costs
Financial costs		 300,773
-
129,800
112,204
6,213
548,990
29,808
-
12,864
11,120
616
54,407
37,391
-
16,136
13,949
772
68,249
367,972
-
158,800
137,272
7,601
671,646

Governance costs of £29,914 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 £28,114 (2023: £27,750).

21

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

8 Staff costs

The average number of employees engaged by the Association and its subsidiaries during the year was 24 (2023: 28).

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

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

2024 2023
Staff costs £ £
Wages and salaries 385,369 490,910
Social security costs 26,150 36,143
Other pension costs 4,646 5,693
Total 416,165 532,746

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 £nil (2023: £605).

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 £44,676 (2023: £48,226).

10 Fixed asset investments

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

Group NSRA
2024 2023 2024 2023
Fixed asset investments £ £ £ £
At 1 January 2024 - - 248,003 248,003
Additions in the year - - - -
Disposal in the year - - - -
Diminution of investments - - - -
At 31 December 2024 - - 248,003 248,003

Investments in group undertakings are stated at cost.

22

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

The results of the consolidated subsidiaries for the year ended 31 December 2024 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.		 621,663
-
(326,681)
(2,099)
294,982
(2,099)
(581,482)
(2,660)
93,888
-
-
(1,019)
(192,612)
(5,778)
2,020,410
512,897
(2,886,956)
(512,898)
(866,546)
(1)

11 Interest payable and similar charges

2024 2023
£ £
Loans - 43
Bonds 64,093 59,300
Total 64,093 59,343

23

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

12 Tangible fixed assets (Group)

Freehold land Ranges & Furniture, Total
& buildings equipment fixtures &
fittings
Group £ £ £ £
Cost
At 1 January 2024 3,400,277 1,082,611 392,801 4,875,689
Additions - - 28,298 28,298
Transfer - - - -
Disposals - - - -
At 31 December 2024 3,400,277 1,082,611 421,099 4,903,987
Accumulated depreciation
At 1 January 2024 1,607,466 1,064,690 317,961 2,999,590
Charge for the year 68,212 3,250 25,059 96,522
Disposals - -
At 31 December 2024 1,675,678 1,067,940 343,020 3,086,639
Net book value at 31 December 2024 1,724,599 14,670 78,079 1,817,348
Net book value at 31 December 2023 1,792,811 17,920 74,840 1,885,571
Tangible fixed assets (NSRA)
Freehold land Ranges & Furniture, Total
& buildings equipment fixtures &
fittings
NSRA £ £ £ £
Cost
At 1 January 2024 265,543 67,621 333,164
Additions - - 657 657
Disposals - -
At 31 December 2024 - 265,543 68,278 333,821
Accumulated depreciation
At 1 January 2024 - 259,949 39,999 299,948
Charge for the year - 1,130 7,649 8,779
Disposals - - -
At 31 December 2024 - 261,079 47,648 308,727
Net book value at 31 December 2024 - 4,464 20,630 25,094
Net book value at 31 December 2023 - 5,594 27,622 33,216

24

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements

For the year ended 31 December 2024

13 Stock

Stock
Group NSRA
2024 2023 2024 2023
£ £ £ £
Finished goods for resale 58,266 154,135 7,142
58,266 154,135 7,142

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.

14 Debtors

Debtors
Group NSRA
2024 2023 2024 2023
£ £ £ £
Trade debtors 9,870 42,730 7,169 36,197
Amounts owed by group undertakings - 1,012,575 792,883
Other debtors 59,788 46,671 50,054 41,233
Prepayments 28,326 17,605 16,166 10,409
97,984 107,006 1,085,964 880,722
Less Provision for bad debts - - - -
97,984 107,006 1,085,964 880,722
Creditors: falling due within one year
Group NSRA
2024 2023 2024 2023
£ £ £ £
Bank loan and overdraft 23,046 20,880 11,795 11,504
Other loans 713,500 713,500 713,500 713,500
Trade creditors 162,103 156,736 112,294 106,773
Income received in advance 519,001 411,834 407,689 378,429
Taxation and social security 17,912 41,517 8,936 28,304
Other creditors 57,513 70,782 57,220 57,264
Accruals 49,757 73,218 37,351 55,623
1,542,832 1,488,467 1,348,785 1,351,396

15 Creditors: falling due within one year

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.

16 Creditors: falling due after one year

Group NSRA
2024 2023 2024 2023
£ £ £ £
Bank loan 17,227 - 8,961 -
Other loans 60,000 42,152 60,000 20,587
77,227 42,152 68,961 20,587

25

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

17 Restricted funds

At At Income Expenditure Expenditure At 31 At 31
1 January 1 January December December
2024 2023 2024 2023 2024 2023 2024 2023
£ £ £ £ £ £ £ £
Restricted funds
Lottery Grant 1,765,478 1,859,366 - - (93,888) (93,888) 1,671,590 1,765,478
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 6,059 16,559 - - - (10,500) 6,059 6,059
GB Junior Squad Fund 44,688 44,688 - - - - 44,688 44,688
Claude Sonley Legacy 6,000 6,000 - - - - 6,000 6,000
Sports England Funding Grant - - 180,000 - (180,000) - - -
Total 1,837,930 1,942,318 180,000 - (273,888) (104,388) 1,744,042 1,837,930

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. Sports England Funding Grant The fund was received from The English Sports Council (Sport England) to provide short term financial support and allow the Association to become more sustainable in the long term.

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.

19 Financial instruments

Debt instruments measured at amortised cost

Debt instruments measured at amortised cost
2024 2023
Financial assets £ £
Trade debtors 9,870 42,730
Other debtors 59,788 46,671
69,658 89,401
Financial liabilities
Bank loans 23,046 20,880
Other loans 713,500 713,500
Trade creditors 162,103 156,736
Other creditors 57,513 70,782
956,162 961,898

26

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

20 Unrestricted funds

Group NSRA
At 1 At 1 Income Expenditure At 31 At 31
January January December December
2024 2023 2024 2023 2024 2023 2024 2024
Designated £ £ £ £ £ £ £ £
Life Membership 1,500 1,500 - - - - 1,500 1,500
Blind Shooting Fund 34,997 30,173 - 4,971 (1,597) (147) 33,400 33,400
Range Grants Fund 14,955 14,955 - - - 14,955 14,955
Museum Fund 50 50 - - - - 50 50
Sport England Fund - - 109,995 - (109,995) - - -
51,502 46,678 109,995 4,971 (111,592) (147) 49,905 49,905
General (1,189,532) (1,017,080) 1,630,731 1,663,174 (1,548,006) (1,835,625) (1,106,808) 9,294
(1,138,030) (970,402) 1,740,726 1,668,144 (1,659,598) (1,835,772) (1,056,903) 59,199

Information

21 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.
Intangible
Tangible
Net current
Long term
Total
Total
fixed assets
fixed assets
assets
creditors
/(liabilities)
£
£
£
£
£
£
Restricted
Endowment funds
-
-
-
-
-
-
Restricted funds
-
1,744,042
-
-
1,744,042
72,452
Unrestricted funds
Designated funds
-
-
49,905
-
49,905
49,905
General funds
-
145,758
(1,252,566)
-
(1,106,808)
9,294
-
1,889,800
(1,202,662)
-
687,139
131,651
Analysis of net assets

22 Trophies

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

27

NATIONAL SMALL-BORE RIFLE ASSOCIATION

Notes to the Financial Statements For the year ended 31 December 2024

23 Leasing commitments

At 31 December 2024 the Association and group was committed to making the following payments under non-cancellable operating leases:

Land and buildings Others
2024 2023 2024 2023
Operating leases which expire: £ £ £ £
In one year - - 4,687 4,687
Between two and five years - - 8,203 12,890

24 Related party transactions

The following Trustees were bondholders of the Association as at 31st December 2024 amounting to:

£
Mr M.J.A. Arnstein and Mrs M.J.B Arnstein 20,000
Mr E.Kendall 10,000
Mr M.J. Chapman 13,000
Interest is paid on these loans at 2.75% above the Bank of England base rate.
As at 31st December 2024, 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 9,086
Mr N. Cole-Hawkins 7,918
Mr R.J. Dowling 3,859

As at 31st December 2024, the Association had received loans from the following Trustees amounting to:

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 2024 was £210 (2023: £1,187).

25 Analysis of changes in net debt

At 1 Cash flows Other non- At 31
January cash December
2024 changes 2024
£ £ £ £
Cash and cash equivalents
Cash 83,805 249,792 333,597
Overdrafts - - -
Cash equivalents 261,141 (104,891) 156,250
344,946 144,901 489,847
Borrowings
Debt due within one year 1,488,467 54,365 1,542,832
Debt due after one year 42,152 35,075 77,227
1,530,619 89,440 1,620,059
(1,185,673) 55,462 (1,130,211)

28