2022-12-31-accounts

Charity No. 219858

NATIONAL RIFLE ASSOCIATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

NATIONAL RIFLE ASSOCIATION

CONTENTS	Page
	1
	3
s report	18
Consolidated statement of financial activities	20
Group & charity balance sheets	22
Consolidated cash flow statement	23
Accounting policies	24
Notes to the financial statements	28

NATIONAL RIFLE ASSOCIATION

STATEMENT BY THE CHAIRMAN FOR THE YEAR ENDED 31 DECEMBER 2022

2022 saw the continued recovery of the NRA from the restrictions imposed by the Government in response to the COVID-19 pandemic, with target shooting competitions returning to pre-pandemic levels of participation.

The appeal and popularity of marksmanship promoted by the NRA as part of its charitable purposes is also reflected in the growing membership. The NRA now has over 10,200 members and there is increasing interest in marksmanship, both at Bisley and around the country. This is reflected by the levels of participation overall in competitions organised by the NRA as part of its charitable objectives.

During 2022, National Shooting Centre Limited ("NSC"), the NRA's wholly-owned subsidiary, was very busy delivering both charitable and non-charitable shooting activities. In particular, the Bisley Shooting Ground business acquired in 2020 continues to be a success, generating a trading profit of £275,222 in its first full year of postpandemic trading.

The 2022 Imperial Meeting will be remembered for the major fire on the range danger area. Thanks to the very considerable efforts of the fire services, NRA staff and the many volunteers who stepped forward to help, the impact on the M thanks to all of them, and to the competitors for their understanding as some events were cancelled or curtailed.

We continue to invest significant time and resources engaging with those responsible for regulation. Effective regulatory oversight of firearms ownership is important and the NRA contributes to an informed and rational approach to this important issue. We continue to work with Government and Police to enable people to develop their marksmanship skills in ways that are responsible and accessible. We also continue to contribute to the consultation on the use of lead-free ammunition, given the impact that restrictions on lead would have on the charitable activities of the NRA.

Net cash provided by operations is £762,466 for the year, compared to £1,180,306 in 2021, reflecting the increase in repairs and maintenance expenditure to address the backlog from the covid-related lockdowns. The net surplus for the year is £159,651 compared to the net surplus of £845,594 in 2021; this includes a loss on investments of £68,663 compared to a gain of £46,760 in 2021. For comparison with pre-pandemic figures, the net cash provided by operations in 2019 was £1,008,158, the net surplus in 2019 was £21,645 and the gain on investments in 2019 was £52,691.

The results for 2022 are a reflection of the continued interest in target shooting, and an increase in staffing levels as demands on the NRA increase, while we continue tight control on costs as part of restoring our financial resilience.

At the end of 2022 we re-acquired Site 103 from the National Smallbore Rifle Association. This property represents a significant asset at the heart of Bisley Camp. We also continue to explore opportunities for supporting new regional ranges and creating regional training hubs.

The NRA could not carry out its work without the support of its members, its tenants and those who use the ranges at Bisley. I want to thank all of them for their ongoing support and contribution to the on-going work of the NRA.

The success of the NRA would not be possible without committed and effective management. Andrew Mercer, our Secretary-General, has assembled an executive team that is committed to the success of the NRA and the NSC. In turn, they lead a vibrant and enthusiastic workforce who deal with members, tenants and customers throughout the year. They continue to draw on the ability and commitment of our Trustees, who volunteer to spend many hours forming and articulating critical policy for the executive to implement.

NATIONAL RIFLE ASSOCIATION

STATEMENT BY THE CHAIRMAN FOR THE YEAR ENDED 31 DECEMBER 2022

David Lacey

Page 2

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Thi NRA") for the year ended 31 December 2022. In preparing this report, the Trustees have had regard to the Guidance published by the Charity Commission for England and Wales in Public benefit: reporting (PB3) .

1 Objectives and Activities

• 1.1 The charitable objectives for which the NRA was established are set out in the Second Schedule to the Royal Charter of the NRA. These objectives are:

  • to promote and encourage marksmanship throughout the Queen's dominions in the interests

  • of defence and the permanence of the volunteer and auxiliary forces, naval, military and air

• 1.2 The NRA promotes its purposes for the public benefit in three main ways:

• (a) by promoting military and "mixed" (i.e. civilian and military) competitive shooting, in furtherance of the promotion of the efficiency of the armed forces of the Crown and the efficiency of the police, fire and rescue and ambulance services;

• (b) by promoting civilian youth shooting, both competitive and non-competitive, for the advancement of education; and

• (c) by promoting competitive adult civilian-only shooting for the promotion of the Defence of the Realm.

• 1.3 The Trustees are aware that the Charity Commission believes that the connection between civilian marksmanship and Defence of the Realm is tenuous. That is not a view shared by the NRA, but at this stage the NRA has not sought to challenge that view while information is collected on the participation levels of military, emergency services and cadet personnel in events organised by the NRA. Despite the huge advances in military technology during the period since the founding of the NRA, expertise with small arms remains an essential skill within our defence and security services and marksmanship is a key element of that expertise. In what continues to be a troubled world, the maintenance of efficient and skilled defence and security services is of immense benefit to the public of the United Kingdom.

• 1.4 The competitive shooting organised by the NRA is open to military, emergency services and civilian marksmen and the Trustees believe that this activity promotes the purpose described in paragraph 1.2(a). The participation rates of military and emergency service personnel and cadets in 2022 averaged 36.09%, compared to 32.5% in 2021, across all NRA competitions.

• 1.5 The NRA conducts the following activities as part of furthering its charitable objectives:

• (a) publishing the NRA Journal;

• (b) operating a membership scheme;

• (c) organising shooting competitions to promote charitable purposes open to current and former military, police and other emergency service personnel, cadets, students and civilians;

• (d) promoting marksmanship for cadets and students at schools and higher education institutions;

Page 2

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

• (e) providing information and advice to politicians and civil servants in relation to matters concerning marksmanship;

• (f) maintaining and curating the NRA Museum and Trophies for marksmanship competitions;

• (g) conducting training courses in marksmanship and in instruction of marksmanship that are open to current and former military, police and other emergency service personnel, cadets, students and civilian marksmen; publishing rules for marksmanship competitions and training manuals for use in connections with training courses;

• (h) organising marksmanship competitions open to current and former military, police and other emergency service personnel, cadets, students and civilian marksmen including the Imperial Meeting, the Phoenix Meeting, the Trafalgar Meeting and the Adaptive Championship;

• (i) operating a Home Office Approved Rifle Club to encourage marksmanship and facilitate the acquisition and use of firearms and providing advice and guidance for compliance with firearms licensing laws; and

• (j) publishing guidance for the safe design and operation of ranges.

• 1.6 The consolidated accounts limit the scope for demonstrating the contribution of each activity in the financial information published below.

• 1.7 The NRA, along with the wider shooting community, recognises that safety in the use of firearms is of paramount importance. There are obvious risks of harm associated with the careless use, or deliberate misuse, of firearms. The NRA firmly believes that by encouraging participants to undergo organised training, and by the maintenance of a rigorous disciplinary code for its membership, it helps to minimise the chances of accidental harm arising from the use of such equipment.

• 1.8 There are, as with many activities, incidental harms associated with target shooting, such as a degree of noise pollution, contamination of small areas of land by spent projectiles and restrictions on access to range danger areas. All of these are kept to a minimum, the success of which contributes to the flourishing of rare fauna and flora found on the large Site of Special Scientific Interest that covers most of the Bisley ranges.

• 1.9 In addition to those of military service age, target shooting is an activity in which the young, the elderly, the able-bodied and those with physical disabilities can all participate. There are few constraints on involvement except for those arising out of firearms legislation. In 2022, major competitions attracted competitors between 13 and 89 years of age. Shooting provides an activity which can be, and is, continued by members of the armed services who have been injured in the line of duty - to the considerable benefit of participants' morale and rehabilitation.

• 1.10 NonCentre Limi -owned subsidiary of the NRA. This is consistent with the fact that target shooting is not currently recognised as a sport for charitable purposes and so the NRA is not able to promote marksmanship as a sport.

• 1.11 Civilian marksmanship is often misunderstood by the public and its contribution to the public good is often understated. The NRA seeks to tackle these issues as part of pursuing its charitable objectives and through its activities make a difference to the way civilian marksmanship is

Page 3

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

perceived. A positive perception of these activities will encourage more people to engage in them, which is a key measure of the success of the NRA in pursuing its charitable objectives.

• 1.12 The achievement of its aims will further its legal purposes by demonstrating that its charitable objectives make a contribution to the public good through its commitment to the Efficiency of the Armed Forces and education.

• 1.13 The strategies used by the NRA for achieving its aims and objectives include:

• (a) promoting marksmanship in schools and universities;

• (b) engaging with cadet forces through the Council for Cadet Rifle Shooting;

• (c) working with the British Army, Royal Navy and Royal Air Force to develop and improve our engagement with it as part of our contribution to Efficiency of the Armed Forces; and

• (d) providing firearms training facilities to the Armed Forces, Police and other emergency services.

• 1.14 The NRA uses the following criteria and measures in assessing its success in achieving its aims and objectives:

• (a) participation levels in the marksmanship events that it organises;

• (b) growth in its membership; and

• (c) the number of people engaging in the training activities provided by the NRA.

• 1.15 The significant activities undertaken in 2022 were providing ranges and other training facilities, including for police forces, objectives by providing competitions to test and improve the marksmanship of military personnel, and train and improve the skills of police firearms officers. The Imperial Meeting in 2022 was organised by the NRA, although early competitions were either cancelled or restricted due to a major fire in the range danger area.

• 1.16 The short-term aims and objectives of the NRA are to:

• (a) promote effective communication with members and the wider public about the charitable activities of the NRA;

• (b) continue to develop effective procedures for the management of its land and buildings;

• (c) promote the contribution of civilian marksmanship to the Efficiency of the Armed Forces; and

• (d) improve range and other training facilities at Bisley for the use by the NSC as part of its business.

• 1.17 The medium and longer-term aims and objectives of the NRA are to:

• (a) ensure that the land and buildings owned by the NRA are maintained and used in an effective way in the best interests of the NRA;

Page 4

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

• (b) engage comprehensively across the Armed Forces and emergency services as part of promoting the contribution of civilian marksmanship to all branches of the military and emergency services; and

• (c) increase access to regional ranges.

• 1.18 The aims and objectives for 2023 provide a base from which to develop the longer-term aims and objectives of the NRA. The strategy of the Trustees is to see steady year-on-year growth in key metrics, recognising that there are limits on the extent to which civilian marksmanship can grow in the United Kingdom.

• 1.19 Social investment does not form a material part of the charitable and investment activities of the NRA.

• 1.20 The grant-making policy of the NRA facilitates and improves access to ranges and marksmanship improvement. Grants are considered where they support organisations that promote marksmanship or enhance the engagement of the NRA with the armed forces and cadets. This contributes to the aims and objectives of the NRA by providing alternative routes for the NRA to contribute to the public good provided by civilian marksmanship activities. This can be particularly useful as a way of promoting the objects of the NRA across the United Kingdom, away from the base of the NRA at Bisley Camp.

• 1.21 The NRA welcomes the contribution that volunteers make to the ability of the NRA to undertake activities such as acting as range officers, instructors and competition administrators. The difficulty in attributing an economic value to that contribution prevents it being included in the statement of financial activities, but the Trustees are keen to recognise and acknowledge it.

2 Achievements and Performance

• 2.1 The key measures of success as assessed by the Trustees are:

• (a) increases in the membership of the NRA;

• (b) growth in demand for, and increasing use of, the Bisley range complex managed by NSC;

• (c) monitoring and increasing involvement in competitive shooting, particularly amongst military, emergency services and cadets;

• (d) delivering a financial surplus in accordance with the annual budget; and

• (e) organising a range of competitions and training programmes in the year with an increase in participation.

2.2	The NRA organised the following training courses during	The NRA organised the following training courses during	2022:
	Type of Course	Participants 2022	Participants 2021
	Probationary	1,169	875
	Range Conducting Officer / Range	469	338
	Safety Officer

Page 5

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Instructor, Renewal, Conversion	390	490
Skills Courses	121	136

• 2.3 The Pavilion training centre at Bisley provides a permanent base for the team of instructors and coaches. The facilities continue to prove popular and serve a growing portfolio of training programmes. The large number of NRA membership applications has increased the demand for Probationary training. Other training delivered in the year included courses for Range Conducting Officers for military ranges, ambulance service personnel, arctic expedition team leaders and regional range operators both at Bisley and regionally.

• 2.4 A series of Discipline Days were delivered to provide specific training by enthusiastic volunteers respected within their shooting discipline. The courses offer fundamental skills coaching and help encourage new shooters to compete in competitions; courses run for Civilian Service Rifle, Gallery Rifle and Pistol and Target Shotgun were well received.

• 2.5 The NRA provides, and continues to invest to improve, a centre of excellence in marksmanship at Bisley for the use of the Regular Services, Reserve Forces, Cadets, Police and civilians.

• 2.6 The NRA works with Government, European organisations and the Police to facilitate the implementation and administration of firearms legislation, recognising the importance of this to civilian marksmanship.

• 2.7 NSC staff regularly provide advice and guidance to range operators and those wishing to develop new ranges.

• 2.8 The NRA continues to maintain a close dialogue with the Ministry of Defence as part of discharging its charitable objectives. The MoD use the NRA's Range Conducting Officer qualification and Shooter Certification Schemes to validate the competency of civilian shooting on MoD ranges. The NSC works with the MoD to identify any impending range closures so that early negotiations can take place over their feasibility, and the potential for the lease or purchase of such ranges to enable their continued use by civilians, cadets and reserve forces in support of marksmanship nationally.

• 2.9 The NRA maintains its governance of full-bore target shooting, including the upkeep and publication of the rules and regulations for shooting competitions. These are set out in the NRA Handbook ("Bisley Bible"), which is published in the spring of each year, and in a number of ancillary publications.

• 2.10 The NRA encourages full bore target shooting by organising, or causing to be organised, competitions at various levels; and positive promotion through social media and other channels. The NRA's Facebook page has become an increasingly important communication and promotional tool with a weekly reach of up to 120,000.

• 2.11 The NRA organised an extensive range of competitions in 2022; over the course of the year military, emergency services and cadets accounted for 36.09% of total competitors. The participation in major events and competitions held during 2022 were as follows:

Page 6

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Event	Participants 2022	Participants 2021
Imperial Meeting
- Schools	171	Cancelled
- Service Rifle	Cancelled	Cancelled
- Adaptive	34	21
- Civilian Service Rifle	142	143
- Match Rifle	Cancelled	130
- F Class	Cancelled	64
- Target Rifle	838	740
- Pistol & Gallery Rifle	87	95
- Historic Arms	Cancelled	76
- Cadets	Cancelled	129
- McQueen	138	76
-300 metre	20	14
Gallery Rifle Events
- Spring Action Weekend	198	Cancelled
-Phoenix Meeting	457	352
- Autumn Action Weekend	153	190
Civilian Service Rifle League	195	168
Inter Counties	186	227
Trafalgar Meeting	159	152
Target Shotgun Spring Festival	64	Cancelled
Target Shotgun Autumn Festival	45	57
Cottesloe Heath Challenge	101	Cancelled
Target Shotgun League	165	Cancelled
Historic Service Rifle League	140	62
Hand Gun League	44	48

Page 7

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Mini Rifle	118	124
Total	3,455	2,868

• 2.12 During 2022, the NRA delivered an extended programme of investment in upgrading its land and buildings at Bisley after the financial constraints caused by 2 years of COVID-19 pandemic. This work included the refurbishment of range infrastructure and accommodation that is licensed to NSC as part of its commercial activities and refurbishing buildings prior to letting them to tenants.

• 2.13 The NRA promotes membership of the NRA as a way of enabling and encouraging people to contribute to the charitable activities of the NRA. The changes in the membership numbers during 2022 were as follows:

Membership type	31/12/22	31/12/21	Net change
Individual Total	10,220	9,876	+344
Clubs	689	696	-7
Schools	34	35	-1
Associations	43	42	+1

• 2.14 The NRA seeks to maintain a sound financial base. The financial results for the year, as set out below, show a reasonable surplus after an investment loss in the NRA's financial position, which is helping the NRA to restore its balance sheet resilience as described in the Reserves Policy. The need to generate consistent surpluses is vital for the organisation to fund the refurbishment of the landholdings of the NRA, invest in the future and improve and expand the charitable activities of the NRA across the country.

• 2.15 The work of the NRA has benefitted society as a whole by continuing to promote the efficiency of the Armed Forces so that it is better able to discharge its important functions. The work of the NRA with cadets and students has enhanced their education. While recognising the different view taken by the Charity Commission, the NRA believes that promoting opportunities for civilian marksmanship also plays a role in the Defence of the Realm for the good of the nation.

• 2.16 The NRA does not engage in any fundraising activities. The NRA does provide a membership scheme for people who wish to support the objectives of the NRA. The number of individual members increased by 344 and affiliated organisations decreased by 7 during 2022.

• 2.17 Listed investments decreased in value by £68,663 (2021: increased £46,760) as a result of market volatility.

• 2.18 No material expenditure was incurred to raise income in the future.

• 2.19 The important work of the Armed Forces is enhanced by the activities of the NRA through the competitions it organises and thus the charitable activities of the NRA produce a benefit at a societal level. At an individual level, the activities of the NRA provide an opportunity for people to develop

Page 8

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

personal skills by providing training and access to the facilities needed to pursue marksmanship activities.

• 2.20 The NRA fosters positive relations with its employees as they are key to the effective delivery of the charitable activities of the NRA. This also applies to its engagement with the members of the NRA, as they provide an important contribution to the funding of the NRA and of course are essential to enhancing the levels of marksmanship in competitions that the NRA organises. The Trustees are also committed to positive engagement with the wider community. This is important to demonstrate the the

• importance of fostering a positive public appreciation of its activities and to dispel misunderstandings, particularly in relation to safety and responsibility of the activities that it conducts.

3 Financial Review

• 3.1 The NRA's consolidated income for the year to 31 December 2022 was £8,777,357 (2021: £7,466,580). Expenditure increased to £8,549,043 (2021: £6,667,746). This has resulted in a consolidated surplus for the year of £159,651 (2021: £845,504) including losses on the market value of investments of £68,663 (2021 Gain: £46,760).

• 3.2 References to "Group" or "Consolidated" refer to the combined total of the NRA and the NSC.

• 3.3 Principal income sources for the NRA are membership subscriptions, competition entry fees, fees for training courses and rents receivable; and for the NSC fees for range use, revenue from sales of ammunition, and fees for clay target shooting.

• 3.4 The consolidated surplus is a combination of strong demand for shooting at Bisley and significant expenditure in renewing and upgrading range infrastructure and other plant and buildings. The sporting clay business at Bisley acquired in 2020, known as Bisley Shooting Ground, made a significant contribution to the surplus in 2022.

• 3.5 The NSC continues to improve integration with specialised IT systems for armoury storage, range bookings and ammunition sales. This integration is yielding improved accuracy and timeliness of management and financial reporting by NSC, which in turn facilitates effective financial management of the Group. Income in the year includes a one-off fire business interruption insurance claim of £68,704.

• 3.6 The plan for the Pavilion works to provide a new range office, retail outlet, and improved hotel accommodation re-started in 2022 but remains uncompleted due to competing demands for funding.

• 3.7 Capital expenditure during 2022 of £971,225 (2021: £463,346) has been funded from cash flow and donations, and focused on projects to improve the effective conduct of marksmanship activities at Bisley, commercial shooting operations, the acquisition of site 103 and compensation for four buildings constructed by tenants.

• 3.8 To address a large backlog of maintenance, expenditure on estate maintenance and associated permanent staff costs in 2022 was £731,671 (2021: £551,754).

• 3.9 The Trustees consider that surplus financial resources should be available to the NRA in order to:

• (a) p

Page 9

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

• (b) ensure continued achievement of its charitable objects during an unforeseen temporary reduction in income and to mitigate the impact of other risks, and

• (c) accumulate funds for major projects which cannot be financed out of annual income.

• 3.10 The Group's financial exposures include short-medium term liquidity. The Trustees have considered this in the Reserves Policy with a target cash balance and Acid Test ratio, and the medium to longer term capacity to fund capital projects, both for reinvestment and development.

• 3.11 The Trustees agreed a budget for 2022 which focussed on managing liquidity and rebuilding balance sheet resilience, and set financial policies intended to address these and other exposures, including ensuring that during any year the expenditure of surpluses on capital or development is managed so as to sustain a forecast cash balance of at least £250,000. This was not achieved consistently throughout 2022 due to the range danger area fire. The cash at year end was £644,286 (2021: £836,715) after the acquisition of the freehold of Site 103 for £244,268.

• 3.12 The Trustees consider that the accumulation of financial resources for major projects and to mitigate any unforeseen temporary reduction in income is most effectively measured by the liquid resources readily available from the Group's unrestricted funds.

• 3.13 The Trustees aim to maintain a liquidity matrix that ensures current liabilities are covered by cash or readily monetised assets.

• 3.14 The Trustees recognise the need to generate additional funds to fund much- needed capital and revenue projects on Bisley camp and in the regions.

• 3.15 Trustees consider that surplus financial resources should be available to the charity to enable the continuation of charitable activity during unforeseen events and mitigate the impact of other risks, and to accumulate funds for major projects which cannot be financed by annual income.

• 3.16 At the end of 2022 the NRA held funds of £9,078,139, including £191,201 (Overseas Team Fund) and £56,294 (Young Shooters Fund) as restricted funds and £351,372 (Special Prizes Fund) as an Endowment Fund. The amount of free reserves at the end of the reporting period, after making allowance for any restricted funds, the amount of designations, commitments and the carrying amount of fixed assets which the NRA considers to represent a commitment of the reserves it holds is negative £814,778 (2021: negative £690,092).

• 3.17 The Trustees have considered the level of negative free reserves and judge it sustainable for a charity with substantial property fixed assets. This allows continuing substantial investment in capital expenditure especially as membership and rents in advance are £1,314,909 (2021: £1,196,960) and are not included in the reserves figure. A valuation of the estate was undertaken in 2020 and valued the estate at £10million.

• 3.18 The Trustees have approved a Reserve Policy and believe that the amount of reserves is consistent with their policies and plans.

• 3.19 of any uncertainties about the ability of the NRA to continue as a going concern. The impact of high inflation and pressures on household budgets on the demand for NRA services has been muted. Trustees are confident that liquidity will be maintained through a combination of continued support

Page 10

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

for NRA activities, good demand for NSC services, rigorous cost control, and the overdraft facility

.

• 3.20 The agenda of matters for consideration at each trustee meeting is largely determined by an assessment of the risks affecting the charity and the need for Trustees to consider means by which those risks may be mitigated. Consideration of risks and their mitigation is therefore a routine part of the business of Council.

• 3.21 Key risks that are likely to affect the financial position of the NRA and its subsidiary going forward as identified in the risk register are:

• (a) a shooting incident involving a lawfully-owned firearm leading to the implementation of restrictive firearms legislation;

• (b) a disease outbreak that leads to closure of ranges;

• (c) safety failures leading to restrictions to access to MoD ranges which then limits the scope for organised marksmanship; and

• (d) restrictions on the use of lead in ammunition.

• 3.22 The principal funding sources of the NRA during the reporting period were: (a) rent and licence fees paid in respect of leases and licences of land belonging to the NRA;

• (b) competition entry and training fees; and

• (c) membership and affiliation fees paid to the NRA by members and affiliated organisations.

• 3.23 The NRA does not operate a defined benefit pension scheme.

• 3.24 The NRA segregates its restricted and endowment funds from its unrestricted funds and invests them separately. The Trustees have wide ranging powers, conferred upon them by the Association's Royal Charter, to invest and divest the funds of the charity at their discretion and as they think fit.

• 3.25 In practice, the Trustees take professional advice on the suitability of investments within their portfolio from their investment managers, Investec Wealth & Investment Ltd and Philip J Milton & Company Plc. The NRA have instructed its investment managers to act on a discretionary basis with a medium-high risk profile. The targeted performance is a better return than would be obtained by investing in the FTSE 100 or FTSE All Share Indices. Market forces dictate whether these targets are achieved. The Trustees have not imposed any particular social, environmental or ethical constraints on the management of the investments.

• 3.26 The NRA does not have any fund that can be realised only by disposing of tangible fixed assets or programme-related investments.

• 3.27 The NRA is one of three member bodies of British Shooting, a private company limited by guarantee. The NRA does not provide any funding to British Shooting, and has no financial liability in respect of the company except the liability to contribute a nominal amount if the company is wound up. British Shooting receives grants from UK Sport and Sport England primarily to fund the training and development of Olympic and Paralympic shooters.

Page 11

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

3.28 The NRA has no fund or subsidiary undertaking that is materially in deficit.

4 Plans for future periods

• 4.1 The NRA will continue to pursue its objectives as set out above. In addition to its on-going day-today activities it will:

• (a) continue to increase investment in the shooting facilities at Bisley as a centre of excellence for marksmanship while continuing to improve its financial position;

• (b) explore the opportunities to improve the usage of the Bisley assets by the Civil Nuclear Constabulary and other police, armed forces, and other firearms training organisations as well as commercial tenants who enhance the income of the NRA;

• (c) continue its discussions with MoD and private range operators with the goal of ensuring the maximum possible availability of ranges for civilian use;

• (d) improve and enhance the reputation of the NRA as promoter of competitive target shooting and improve the public profile of competitive target shooting;

• (e) ensure that NSC delivers consistently good value and invests cash surpluses where appropriate in its business; and

• (f) increase membership with particular emphasis on increasing the number of younger shooters both at Bisley and in the regions.

• 4.2 The Trustees publishing the 202 ~~2 2~~ 027 Strategic Framework, setting nine strategic goals for the delivery of th personnel in order to support sportsmanship, education, well-bei

• 4.3 must not simply pursue its charitable objectives, but it must be able to demonstrate the way in which it does so. This will have an impact on how it allocates resources. As a registered charity the NRA must not just comply but be able to evidence compliance with law and guidance.

• 4.4 Our engagement with the Charity Commission during 2019 and 2020 emphasised the importance of not just complying with law and guidance but being able to demonstrate this compliance. There are inevitably costs involved in the compliance process but this will be essential for the long-term interests of the NRA. The Trustees are using the experience gained from this to direct future plans and are conscious of the need to ensure that resources are allocated effectively to promote those plans and for the overall success of the charity.

5 Structure, governance and management

• 5.1 The NRA was founded in 1859. The NRA was incorporated in England and Wales by Royal Charter dated 21 October 1890, and became a registered charity on 21 March 1963. The governing document of the NRA is the Royal Charter and its two Schedules.

• 5.2 The NRA has a single whollyis a company incorporated with limited liability in England and Wales. The NSC carries out trading

Page 12

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

and commercial activities, which the NRA is not permitted to carry out because of its charitable status.

• 5.3 Under the Royal Charter, the direction of the affairs and concerns of the NRA and the entire management of its property and funds are vested in the Council. The Council consists of the Trustees who are appointed in accordance with the Second Schedule of the Royal Charter as follows:

• (a) the Chairman is elected by the General Council of the NRA;

• (b) the Treasurer is elected by the General Council of the NRA;

• (c) the Chairman of the Shooting Committee is a Trustee by virtue of holding that office and is elected by the members of the Shooting Committee of the General Council of the NRA;

• (d) the Chairman of the Membership Committee is a Trustee by virtue of holding that office and is elected by the members of the Membership Committee of the General Council of the NRA;

• (e) up to four Trustees are elected by General Council from among its members; and

• (f) up to four Trustees are selected by the other Trustees with the approval of General Council.

• 5.4 The General Council is a representative body formed under the Second Schedule to the Royal Charter by election of the members of the NRA. Its role is to advise and make recommendations to the Council and provide representation of the membership of the Association. The General Council consists of up to 72 members including the Chairman, the Treasurer, 15 elected Ordinary members, 15 elected Regional members, 12 elected Shooting Discipline members, up to 19 ex-officio members and up to 9 co-opted members.

• 5.5 No external body is entitled to appoint any Trustee.

• 5.6 The Council has established the following Committees:

• (a) Investment Committee;

• (b) Audit Committee; and

• (c) Real Estate Committee.

• 5.7 The Investment Committee liaises with the investment managers appointed by the Trustees and monitors the performance of the investments of the NRA.

• 5.8 Trustees

• 5.9 The Audit Committee liaises with the auditors of the NRA and is involved in the oversight of the annual audit of the NRA.

• 5.10 The Real Estate Committee provides advice, guidance and recommendations at the request of the professional staff of the NRA in relation to the granting, administration and renewal of leases, monitors the process of granting and renewing leases and the administration of leases during their

Page 13

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

term and advises the Trustees on strategy and policy in relation to the management of the real estate of the NRA.

• 5.11 The Trustees are all volunteers. The NRA has a full time Secretary General supported by other professional staff tasked with the day-to-day running of the NRA.

• 5.12 The Secretary-General also serves as Chief Executive of NSC. A number of employees of the NRA are seconded to NSC. NSC pays NRA for the services of those employees under the secondment provisions of a co-operation agreement between the NRA and the NSC.

• 5.13 The NSC board includes a minimum of one independent director in accordance with guidance from he or she is not a Trustee

• or an employee of the NRA. The NSC obtains independent professional advice when its directors consider it is appropriate to do so.

• 5.14 As part of the process for the induction of new trustees, each Trustee:

• (a) signs the Code of Conduct and Confidentiality Undertaking to agree to their terms;

• (b) completes a register of interests as part of the management of conflict of interests;

• (c) receives a detailed briefing upon appointment including an explanation of the proceedings of Council and the duties of trustees;

• (d) receives a copy of the Charity Commission CC3 (The Essential Trustee), CC29 (Conflicts of Interest: A Guide for Charity Trustees), and CC30 (Finding New Trustees);

• (e) signs Charity Commission Automatic Disqualification and Trustee Eligibility Declarations; and

• (f) signs HMRC Declaration of Trustees (Fit and Proper Person).

• 5.15 The NRA co-operates closely with the NSC under the terms of a co-operation agreement. That agreement deals with such matters as gift aid payments by NSC to NRA, the conduct of business by NSC, financial reporting, the secondment of NRA staff to NSC and data protection issues.

6 Reference and Administrative Details

• 6.1 use any other name a

• 6.2 The charity registration number of the NRA is 219858 and it has two company registration numbers: RC000372 for National Rifle Association and RC000791 for The National Rifle Association. The NRA is not registered in any jurisdiction other than England and Wales.

• 6.3 The principal office of the NRA is at Bisley Camp, Brookwood, Surrey GU24 0PB. As a Royal Charter company, the NRA does not have a registered office address.

• 6.4 The Trustees in office at the date this report was approved or who served as a Trustee during the reporting period are:

David Lacey (Chairman)

Page 14

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Andrew Reynolds (Treasurer)

Gary Alexander

Alice Gran

Nick Brasier

Thomas Putt (resigned September 2022)

Robert Bruce (resigned September 2022; appointed February 2023)

Andrew Nebel (resigned September 2022)

Reg Roberts (resigned September 2022)

Julia Hilger-Ellis

Charles Dickenson (resigned September 2022)

John Webster (appointed September 2022)

John Bloomfield (appointed September 2022)

James Harris (appointed September 2022)

• 6.5 The NRA has no corporate trustees. 6.6 No person holds the title to property belonging to the NRA as custodian, trustee or nominee except the Investment Managers named below, who hold certain investments as nominee for the NRA.

• 6.7 No person who served as a Trustee holds any title to property belonging to the NRA. 6.8 The Trustees engaged the following professionals during 2022: (a) Solicitors: Moore Barlow LLP, 55 Quarry Street, Guildford, Surrey GUI 3UE Bates Wells & Braithwaite London LLP, 2-6 Cannon Street, London EC4M 6YH Farrer & Co LLP, 66 Lincoln's Inn Fields, Holborn, London WC2A 3LH

• (b) Auditors: Haysmacintyre LLP, Chartered Accountants, 10 Queen Street Place, London EC4R lAG

(c) Surveyors: Vail Williams LLP, 550 Thames Valley Park Drive, Reading, Berkshire RG6 1PT Gascoignes, Gillingham House, 2 Pannells Ct, Guildford GU1 4EU

Page 15

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

(d) Bankers: Barclays Bank PLC, Town Gate House, Church Street East, Woking, Surrey GU21 1AE (e) Investment Investec Wealth & Investment Ltd, 43 London Managers: Road, Reigate, Surrey RH2 9PW Philip J Milton & Company Plc, Sterling House, 17 Joy Street, Barnstaple, Devon EX31 1HE

• 6.9 The following key senior members of staff, who are the Executive of the NRA, are or have been responsible for the day-to-day management of the charity, and its subsidiary undertaking, National Shooting Centre Limited, in the course of 2022:

• (a) Andrew Mercer, Secretary General of the NRA and Chief Executive of the NSC; and

• (b) Ray Hutchings, Head of Support Services of the NRA

7 Exemptions from Disclosure

The Trustees have not requested authority from the Charity Commission for England and Wales to omit any information from this report.

8 Funds held as custodian trustee on behalf of others

No Trustee is acting as custodian trustees. The NRA acts as custodian, managing a bank account on behalf of ICFRA (International Confederation of Fullbore Rifle Associations) belonging to the Beneficial Owners.

9 Auditors

• 9.1 Haysmacintyre LLP have confirmed their willingness to be reappointed as auditors for the next year.

• 9.2 The Trustees at the date of approval of this Trustees' Annual Report confirm that so far as each of the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

10 Trustees' responsibilities in the preparation of financial statements

• 10.1 The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102.

• 10.2 The law applicable to charities in England and Wales 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 group and the charity and of incoming resources and application of those resources, including income and expenditure for that period. In preparing those financial statements, the trustees are required to:

• A. Select suitable accounting policies and then apply them consistently;

Page 16

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

• B. Observe the methods and principles of the Charities Statement of Recommended Practice (SORP);

• C. Make judgements and accounting estimates that are reasonable and prudent;

• D. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• E. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the group will continue in operation.

• 10.3 The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the requirements of the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter. They are also responsible for safeguarding the assets of the charity, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 10.4 The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Trustees on 11 May 2023 and was signed on their behalf by the Chairman.

David Lacey

Chairman

Page 17

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of National Rifle Association for the year ended 31 December 2022 which comprise the consolidated statement of financial activities, group and parent charity balance sheets, consolidated cash flow statement and notes to the financial statements, 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 financial statements:

  - 22

• s net movement in funds for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial 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

the preparation of the financial statements 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 group'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 trustees are responsible for the other information. The other information comprises the information included in the s 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 financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements 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 financial statements 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. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charity; or

• sufficient accounting records have not been kept; or

• the parent charity financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Page 18

NATIONAL RIFLE ASSOCIATION

FOR THE YEAR ENDED 31 DECEMBER 2022

(continued)

Responsibilities of trustees for the financial statements

s 16 and 17, the trustees are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error.

In pr

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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 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 financial statements.

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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to royal charter charities, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, income tax, payroll tax and sales tax.

We evaluated

(including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

• Inspecting correspondence with regulators and tax authorities;

• Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and

• Challenging assumptions and judgements made by management in their critical accounting estimates

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting www.frc.org.uk/auditorsresponsibilities

Use of our report

, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the body for our audit work, for this report, or for the opinions we have formed.

Date: 16 May 2023

Haysmacintyre LLP 10 Queen Street Place Statutory Auditors London EC4R 1AG

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 19

NATIONAL RIFLE ASSOCIATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including an Income & Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2022

Notes Income and endowments from: Donations and legacies 1 Other trading activities: - Operations 2 - Estate 3 Investments Charitable shooting activities 4 Total income Expenditure on: Raising funds: - Operations 2 - Estate 5 Charitable shooting activities 6 Total expenditure Gains/losses on investments 13 Net movement in funds 8 Reconciliation of funds Fund balances brought forward at 1 January 2022 Total funds carried forward at 31 December 2022	Unrestricted Funds £ 1,197,859 4,454,850 1,935,485 - 1,162,927 8,751,121 4,657,150 1,470,451 2,378,354 8,505,955 - 245,166 8,234,106 8,479,272	Restricted Funds £ 7,494 - - 6,223 3,516 17,233 - - 34,085 34,085 (22,546) (39,398) 286,893 247,495	Endowment Funds £ - - - 9,003 - 9,003 - - 9,003 9,003 (46,117) (46,117) 397,489 351,372	2022 Total £ 1,205,353 4,454,850 1,935,485 15,226 1,166,443 8,777,357 4,657,150 1,470,451 2,421,442 8,549,043 (68,663) 159,651 8,918,488 9,078,139	2021 Total £ 1,284,107 3,416,730 1,794,588 12,073 959,082
					7,466,580
					3,570,297 1,096,365 2,001,084
					6,667,746
					46,760
					845,594 8,072,894
					8,918,488

All income and expenditure are derive

No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been recognised in the Statement of Financial Activities.

Page 20

NATIONAL RIFLE ASSOCIATION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including an Income & Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2021

Notes Income and endowments from: Donations and legacies 1 Other trading activities: - Operations 2 - Estate 3 Investments Charitable shooting activities 4 Total income Expenditure on: Raising funds: - Operations 2 - Estate 5 Charitable shooting activities 6 Total expenditure Gains on investments 13 Net movement in funds 8 Reconciliation of funds Fund balances brought forward at 1 January 2021 Total funds carried forward at 31 December 2021	Unrestricted Funds £ 1,280,586 3,416,730 1,794,588 - 959,082 7,450,986 3,570,297 1,096,365 1,993,540 6,660,202 - 790,784 7,443,322 8,234,106	Restricted Funds £ 3,521 - 4,738 - 8,259 - - 209 209 19,985 28,035 258,858 286,893	Endowment Funds £ - - 7,335 - 7,335 - - 7,335 7,335 26,775 26,775 370,714 397,489	2021 Total £ 1,284,107 3,416,730 1,794,588 12,073 959,082
				7,466,580
				3,570,297 1,096,365 2,001,084
				6,667,746
				46,760
				845,594 8,072,894
				8,918,488

Page 21

NATIONAL RIFLE ASSOCIATION

GROUP AND CHARITY BALANCE SHEETS AS AT 31 DECEMBER 2022

Notes Tangible fixed assets Fixed assets 11 Intangible assets 12 Investments 13 Social investments: loans to clubs > 1 year 14 Current assets Social investments: loans to clubs < 1 year 14 Stocks 15 Debtors 16 Cash at bank and in hand Creditors Amounts falling due within one year 17 Net current (liabilities) / assets Total assets less current Liabilities Deferred income 18 Net assets Funds of the Charity Unrestricted Funds 19 Restricted Funds Overseas Team Fund 20 Young Shooters Fund 20 Endowment Fund Special Prizes Fund 21 Total Charity Funds	Group 2022 £ 9,301,580 419,018 486,348 - 10,206,946 - 656,177 709,807 644,286 2,010,270 (2,622,432) (612,162) 9,594,784 (516,645) 9,078,139 8,479,272 191,201 56,294 351,372 9,078,139	Group 2021 £ 8,934,398 473,673 555,011 - 9,963,082 3,000 316,057 948,697 836,715 2,104,469 (2,506,478) (402,009) 9,561,073 (642,585) 8,918,488 8,234,106 227,678 59,215 397,489 8,918,488	Charity 2022 £ 6,775,606 419,018 574,736 - 7,769,360 - 29,254 1,551,990 376,903 1,958,147 (2,026,508) (68,361) 7.700,999 (239,684) 7,461,315 6,862,448 191,201 56,294 351,372 7,461,315	Charity 2021 £ 6,322,944 473,673 643,399 -
				7,440,016 3,000 26,309 1,433,165 619,694
				2,082,168 (1,874,420)
				207,748
				7,647,764 (330,698)
				7,317,066
				6,632,684 227,678 59,215 397,489
				7,317,066

The financial statements on pages 20 to 46 were approved by the Council and authorised for issue on 11 May 2023 and are signed on its behalf by:

David Lacey Chairman of the Council

Andrew Reynolds Treasurer

Page 22

NATIONAL RIFLE ASSOCIATION

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Note £ Net cash provided by operating activities 30 Cash flow from operating activities: Interest Paid Net cash provided by (used in) operating activities (144) Cash flow from investing activities: Dividends, interest and rents from investments 15,226 Proceeds from the sales of property, plant and equipment 1,248 Purchase of property, plant and equipment excluding donations (971,225) Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period 30 Cash and cash equivalents at the beginning of the reporting period 30 Cash and cash equivalents at the end of the reporting period 30	2022 £ £ 762,466 (144) (5,981) 12,073 (320) (212,351) (954,751) (192,429) 836,715 644,286	2021 £ 1,180,306 (5,981) (200,598)
		973,727
		(137,012) 836,715

Page 23

NATIONAL RIFLE ASSOCIATION

ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2022

The principal accounting policies that have been adopted in the preparation of these accounts are as follows:

Basis of accounting

The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standards 102 (FRS102). The financial statements comply with all current statutory requirements, the Royal Charter and By-Laws of the Association. The recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice (FRS102) (second edition effective 1 January 2019) issued by the Charity Commission have been followed. Assets and liabilities are initially recognised under the historical cost convention unless otherwise stated in the relevant accounting policy note.

The National Rifle Association meets the definition of a public benefit entity under FRS102.

Preparation of the accounts on a going concern basis

The Trustees have assessed whether the going concern assumption is appropriate and taken into account all available information about the future, which is at least, but is not limited to, twelve months from the date these financial statements are authorised for issue. In making their assessment, trustees have reviewed detailed forecasts which will be updated quarterly. These forecasts have reflected experiences gained in 2022 and The trustees consider that the going concern basis for preparation of the charitable gro remains appropriate. In arriving at this conclusion they have taken into consideration the result in the year ended 31 December 2022, the forecasts to 31[st] May 2024, 2023 monthly accounts, and cash flow projections for the period of twelve months from the date of approval of these accounts. They have also taken into account the substantial positive net assets position of the charitable group, and the uncommitted £1m overdraft facility secured at a 10% LTV ratio.

Basis of consolidation

These financial statements consolidate the results of the charity and its wholly owned subsidiary undertaking National Shooting Centre Limited. A separate Statement of Financial Activities and Income and Expenditure account for the charity has not been presented because it has taken advantage of the exemption afforded by the Charities SORP.

Income

All income is included in the statement of financial activities when the charity is entitled to the income, it is probable, and the amount can be quantified with reasonable accuracy. Donations are normally brought into account when received, and are stated gross of any attributable tax recoverable. All grants are credited to income in the period to which they relate. Government and institutional grants are accounted for on a receivable basis in line with the performance model. Donations and grants given for specific purposes are treated as restricted income.

All other income, including investment income, is accounted for on a receivable basis as and when earned.

Expenditure

All expenditure is accounted for on an accruals basis and is allocated as direct costs in the statement of financial activities where the costs can be identified as being directly related to generating funds, to a charitable activity, or to governance matters. Where costs cannot be directly attributed, they have been allocated between cost of raising funds and expenditure on charitable activities. The basis on which support costs have been allocated are set out in note 7.

Since the pro is shown separately.

Page 24

NATIONAL RIFLE ASSOCIATION

ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Irrecoverable value added tax

Where expenditure relates to specific events, the relevant irrecoverable Value Added Tax is charged to that event. Irrecoverable Value Added Tax on attributable purchases is charged to Support Costs.

Gift Aid payments

The charity encourages all donors to provide funds to the group by way of tax efficient Gift Aid payments wherever possible.

Pension contributions

The group makes contributions into money purchase pension schemes on behalf of certain employees. The assets of the schemes are held separately from those of the group, being invested with independent insurance companies.

The amount charged against income in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Taxation

The charity does not undertake taxable activities subsidiary is liable to UK corporation tax on its profits after deduction of payments made under gift aid.

In respect of the trading subsidiary, deferred tax is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Fixed assets and depreciation

Individual fixed assets costing more than £500 are capitalised at cost. Fixed assets are held at historic cost less depreciation and are further subject to an annual impairment assessment. Depreciation is recognised through the Statement of Financial Activities on a straight-line basis over their estimated useful lives on the following basis:

Freehold land Not depreciated Long leasehold land Over the period of the lease Buildings (Freehold & Leasehold) 2% on cost or valuation Range modifications, plant & equipment 2%, 5%, 10% or 25% on cost or valuation Fixture, fittings & equipment 25% on cost Rifles for hire 10% on cost Heritage assets Not depreciated

The NRA maintains a large collection of heritage assets, comprising firearms, trophies, paintings books and ephemera which date back to the formation of the association in 1860. The ephemera comprises of medals, brochures, targets and other objects which reflect the history of target shooting. Due to the size of the collection and limitations on the display area of the museum it is not possible to display the whole of the collection.

Page 25

NATIONAL RIFLE ASSOCIATION

ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Heritage assets which are purchased are reported in the Balance Sheet at cost. Many heritage assets have been donated and therefore have no attributed cost recognised in the balance sheet. They include 717 trophies dating from 1770, plus a number of firearms and other heritage assets stated above. The cost of obtaining professional valuations of donated assets is considered disproportionate to the value gained and so remain off balance sheet.

Acquisitions must meet two requirements, namely being relevant to the history of the NRA; and of sufficient quality to justify the cost and time of curation and storage. Museum assets displayed and stored in the NRA Museum, and managed by the Curator and his team. Trophies are managed by NRA staff when stored between competitions and displayed for prize presentations. Disposals are assessed by criteria including restrictions imposed by donors, impact on the overall collection, likely proceeds, and resulting reductions in costs and space.

Goodwill and amortisation

Goodwill is accounted for at cost and amortised at 10% of cost per annum on a straight-line basis, subject to an annual impairment review.

Investments

Investments are stated at market value at the balance sheet date. Realised and unrealised gains and losses on investments are taken to the Statement of Financial Activities in the period in which they arise

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value is based upon the estimated selling price less further costs expected to be incurred at disposal. Provision is made for obsolete and slow-moving items.

Leased assets and obligations

Where assets are financed by leasing agreements that give rights approximating to ownership outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the Statement of Financial Activities in proportion to the remaining balance outstanding.

line basis over the lease term.

Rent-free periods received for entering into a lease are accounted for over the period of the lease so as to spread the benefit received over the lease term.

Foreign currencies

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

Life & term members fund

Life and term membership subscriptions received are credited to the Life & Term Members Fund in full. These subscriptions are then amortised, and released to the Statement of Financial Activities as income, over 20 years for life members, over 8 years for junior life members, or over the number of years applicable for term membership on the sliding scale.

Page 26

NATIONAL RIFLE ASSOCIATION

ACCOUNTING POLICIES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

Fund accounting

General funds comprise the accumulated surplus of unrestricted incoming resources over resources expended as adjusted for other recognised gains and losses, other than those allocated to the Designated Fund. They are available for use in furtherance of the general objectives of the group.

Designated funds comprise the accumulated capital grants received less the accumulated depreciation on the assets acquired with those grants.

Restricted funds are subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the accounts. Amounts unspent at the year-end are carried forward in the

Endowment funds are capital funds, which are held in trust to provide a continuing income stream. The income is then used subject to any specific conditions imposed by the donors of the original capital funds. .

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Significant judgements and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Group policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. e of the amount, events or actions, actual results may ultimately differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods.

The Trustees consider the following to be areas subject to key estimation or judgement:

Receivable assets book value having assessed the circumstances and expected recoverability of trade debtors which remain outstanding at the date of approval of these financial statements, management have considered that the current estimated provision for bad debts is sufficient and that the remaining net debtors are fully recoverable.

Goodwill asset book value the estimated recoverable value of goodwill has been calculated using a discounted future cash flow model using several assumptions on interest rates and future cash flows of the underlying assets, which has sufficiently supported the book value of £419k. Should the underlying assumptions change, this may have an impact on the book value in future periods.

Heritage assets book value included within tangible fixed assets are heritage assets of £272k held at historic cost and without depreciation on the basis of an indefinite useful life. The cost of obtaining a recent professional valuation is not commensurate with the benefit to obtaining the valuation, and as such no recent valuation have been carried out. In assessing for annual impairment, key estimation has been used to justify that their current fair value exceeds the book cost and no impairment is required.

Page 27

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Donations, legacies and grants

	Unrestricted	Unrestricted	Restricted	Total	Total
		funds	funds	2022	2021
		£	£	£	£
Subscriptions		1,088,116	-	1,088,116	1,045,638
Gift aid		91,126	-	91,126	82,077
Donations		18,617	7,494	26,111	13,111
Furlough grant		-	-	-	143,281
		1,197,859	7,494	1,205,353	1,284,107
Other trading activities - operations
which carries on the trading operations of the group.			Audited financial statements for NSC are filed
annually with the Registrar	of Companies.
A summary of the profit and loss account		and statement of changes in equity is set out below:
				2022	2021
				£	£
Turnover and Other operating income				5,089,699	3,922,977
Costs
Cost of sales				2,075,292	1,485,146
Other operating expenses and interest payable				2,581,858	1,990,609
				(4,657,150)	(3,475,755)
Profit on ordinary activities after taxation				432,549	447,222
Gift Aid				(353,479)	341,573
Retained profit				79,070	788,795

2 Other trading activities - operations

The income of £5,089,699 (2021: £3,922,977) less inter-company revenue of £571,181 (2021: £456,785) and less lottery fund write down of £63,668 (2021: £49,462) gives £4,454,850 (2021: £3,416,730) which matches the SOFA.

A summary of the balance sheet of the subsidiary is set out below:

Fixed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand Carried forward	2,525,974 626,923 180,494 267,383 1,074,800	2,611,453 289,749 216,581 217,021
		723,351

Page 28

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
2 Other trading activities - operations (continued)
2022 2021
£ £
Brought forward 1,074,800 723,351
Creditors
Amounts falling due within one year (1,644,964) (1,382,566)
Net current (liabilities) (570,164) (659,215)
Total assets less current liabilities 1,955,810 1,952,238
Creditors
Amounts falling due after more than one year (1,002,332) (1,077,830)
Net Assets 953,478 874,408
Capital & Reserves
Called up share capital 88,388 88,388
Profit and loss account 865,090 786,020
953,478 874,408
3 Other trading activities estate
Unrestricted Restricted Total Total
funds funds 2022 2021
£ £ £ £
Rents 1,235,686 - 1,235,686 1,194,992
Services and utilities recovered 331,718 - 331,718 238,413
Other 368,081 - 368,081 361,183
1,935,485 - 1,935,485 1,794,588
4 Charitable shooting activities
Unrestricted Restricted Total Total
funds funds 2022 2021
£ £ £ £
Imperial meeting 663,175 3,516 666,691 589,149
Course hire 279,328 - 279,328 226,945
Other shooting events 220,424 - 220,424 142,988
1,162,927 3,516 1,166,443 959,082
----- End of picture text -----

Page 29

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

5 Expenditure on raising funds - Estates

Unrestricted Restricted Total funds funds 2022 £ £ £ Permanent staff costs 320,611 - 320,611 Maintenance 411,060 - 411,060 Utilities 337,149 - 337,149 Rents, rates and cleaning 39,425 - 39,425 Depreciation 190,862 - 190,862 Other 16,306 - 16,306 1,315,413 - 1,315,413 Support costs (see note 7) 155,038 - 155,038 1,470,451 - 1,470,451 Charitable shooting activities Unrestricted Restricted Endowment Total funds funds fund 2022 £ £ £ £ Permanent staff costs 790,771 - - 790,771 Imperial Meeting 357,200 680 - 357,880 Imperial Meeting prizes - - 6,049 6,049 Courses and other NRA events 414,579 - - 414,579 Support of other bodies/teams Support of young shooters 6,455 - 3,964 6,200 - - 10,419 6,200 Team travel - 22,053 - 22,053 Membership insurance 234,976 - - 234,976 Insurance 75,261 - - 75,261 Depreciation 169,655 - - 169,655 2,048,897 32,897 6,049 2,087,843 Support costs (see note 7) 329,457 1,188 2,954 333,599 2,378,354 34,085 9,003 2,421,442	Unrestricted Restricted Total funds funds 2022 £ £ £ Permanent staff costs 320,611 - 320,611 Maintenance 411,060 - 411,060 Utilities 337,149 - 337,149 Rents, rates and cleaning 39,425 - 39,425 Depreciation 190,862 - 190,862 Other 16,306 - 16,306 1,315,413 - 1,315,413 Support costs (see note 7) 155,038 - 155,038 1,470,451 - 1,470,451 Charitable shooting activities Unrestricted Restricted Endowment Total funds funds fund 2022 £ £ £ £ Permanent staff costs 790,771 - - 790,771 Imperial Meeting 357,200 680 - 357,880 Imperial Meeting prizes - - 6,049 6,049 Courses and other NRA events 414,579 - - 414,579 Support of other bodies/teams Support of young shooters 6,455 - 3,964 6,200 - - 10,419 6,200 Team travel - 22,053 - 22,053 Membership insurance 234,976 - - 234,976 Insurance 75,261 - - 75,261 Depreciation 169,655 - - 169,655 2,048,897 32,897 6,049 2,087,843 Support costs (see note 7) 329,457 1,188 2,954 333,599 2,378,354 34,085 9,003 2,421,442		Total 2021 £ 276,174 275,580 216,382 37,461 153,311 -
			958,908 137,457
			1,096,365
			Total 2021 £ 679,761 306,708 4,283 276,498 6,126 198 (1,507) 225,252 70,834 136,276
	2,087,843 333,599		1,704,429 296,655
	2,421,442		2,001,084

6 Charitable shooting activities

The table above excludes the following on consolidation £571,181 (2021: £456,785) of inter-company costs £320,961 (2021: £247,401) Imperial Meeting, £234,982 (2021: £188,026) Courses and other NRA Events, £14,499 (2021: £20,779) Support of other bodies and teams, £739 (2021: £579) general overheads, primarily ammunition supplies and range hire.

Page 30

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the two key charitable activities undertaken in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.

General fund Permanent staff costs Trustee costs Information technology costs Office and banking costs Professional fees Audit Fee Bank Interest Depreciation Allocated to: Expenditure on raising funds estate Charitable shooting activities Restricted fund Investment management charges Endowment fund Investment management charges	2022 2021 £ £ 108,173 91,469 4,270 3,215 41,196 36,462 138,364 110,979 112,213 116,251 16,514 14,092 144 5,981 63,621 51,104
	484,495 429,553 (155,038) (137,457) (329,457) (292,096)
	- -
	1,188 1,507
	2,954 3,502

Included within the total costs are governance costs of £20,784 (2021: £17,307) made up of £4,270 (2021: £3,215) trustee costs and £16,514 (2021: £14,092) audit fees. The support and governance costs allocation is based on a weighted average proportion.

8 Net movement in funds

	2022	2021
	£	£
Net movement in funds is stated after charging/(crediting):
Depreciation and amortisation of tangible fixed assets:
-Owned assets	595,376	499,814
Rent receivable under operating leases	(702,729)	(658,383)
Operating lease rentals payable:
- Land and buildings	23,098	21,064
- Audit fees	28,624	24,110
- Fees for other services	3,761	5,901
Bank interest payable	144	5,981

Page 31

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Staff costs

Staff costs
	2022	2021
	Number	Number
The average monthly number of persons employed by the group
during the year was:
Office, maintenance, range staff and instructors	85	73

including temporary staff and markers employed during the Imperial Meeting, were:

Wages and salaries Redundancy costs Social security costs Other pension costs Other benefits	2022 £ 2,672,800 - 263,198 98,182 18,245 3,052,425	2021 £ 2,129,090 - 202,694 78,660 12,762
		2,423,206

Wages and salaries in the year are shown gross of furlough grant receipts.

between 2% and 5% of basic salary into the personal pension funds of certain of its employees, and contracted in national insurance contributions are paid in respect of all staff.

Based on remuneration and benefits in kind, as defined for income tax purposes, two (2021: one) 60,000 and £69,999, two (2021: one) employee annual emoluments were between £70,000 and £79,999, zero (2021: one emoluments were between £120,000 and £129,999, one (2021: none were between £130,000 and £139,999

The key management personnel comprise the Secretary General, Head of Support Services, Head Of Shooting & Training, Regional Ranges Manager, Membership Services Manager, General Manager National Clays Shooting Centre, Group Accountant, Compliance & Risk Officer and Estates Manager. The nine (2021: eight) key management personnel remunerations for the year totalled £639,924 (2021: £551,047).

10 Transactions relating to trustees

No trustee (2021: none) received remuneration. One trustee (2021: one) received reimbursements of £96 (2021: £128) for out of pocket travel and subsistence expenses.

Property transactions

Five (2021: one) trustees occupy accommodation at Bisley for shooting purposes at rentals available to all members of the Association with total rental income during the year of £4,331 (2021: £830).

Page 32

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

11 Fixed assets

Freehold Leasehold land & land & Group buildings buildings £ £ Cost or valuation: 1 January 2022 5,793,684 1,019,256 Additions Disposals 244,268 - 173,280 - 31 December 2022 6,037,952 1,192,536 Depreciation 1 January 2022 1,596,985 486,760 Charge for the year Disposals 54,572 - 90,322 - 31 December 2022 1,651,557 577,082 Net book value 31 December 2022 4,386,395 615,454 31 December 2021 4,196,699 532,496 The net book value of fixed assets comprises: Assets held for charity use Estate assets Assets held for administrative purposes Assets held by trading subsidiary	Range modifications, plant & machinery £ 7,282,873 480,713 (468,275) 7,295,311 3,516,782 364,334 (459,608) 3,421,508 3,873,803 3,766,091	Fixtures fittings & equipment £ 1,377,305 72,964 (398,141) 1,052,128 1,210,154 86,148 (398,141) 898,161 153,967 167,151	Heritage assets £ 271,961 - - 271,961 - - - - 271,961 271,961 2022 £ 1,592,948 4,787,059 395,599 2,525,974 9,301,580	2022 Total £ 15,745,079 971,225 (866,416)
				15,849,888 6,810,681 595,376 (857,749)
				6,548,308 9,301,580
				8,934,398
				2021 £ 1,486,526 4,467,248 369,170 2,611,454 8,934,398

The trustees have taken the option provided by the transitional provisions contained within FRS 102 to rebase the valuation of land and buildings and range modifications as at 1 January 2014 and treat this as a deemed cost.

Heritage Assets

The NRA maintains a large collection of heritage assets, comprising firearms, trophies, paintings books and ephemera which date back to the formation of the association in 1860. The ephemera comprises of medals, brochures, targets and other objects which reflect the history of target shooting.

Five-year summary

No disposals or impairment of heritage assets have been recognised in the past five years. Acquisitions are made by purchase or donation. 4 firearms and 12 shooting accessories have been purchased in the past five years, and there have been 9 donated firearms and 8 donated trophies and ephemera.

Additions: Number of donated assets Donated value as deemed cost* Cost of purchases Total recognised additions:	2022 £ 5 - 5,000 5,000	2021 £ 4 - 2,185 2,185	2020 £ - - - -	2019 £ 1 - - -	2018 £ 7 - -
					-

*As set out in the fixed assets accounting policy, many heritage assets have been donated and remain off balance sheet as the cost of obtaining professional valuations of donated assets is considered disproportionate to the value gained.

Page 33

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

11 Fixed assets (continued)

Freehold Leasehold land & land & Charity buildings buildings £ £ Cost or valuation: 1 January 2022 5,793,684 636,306 Additions Disposals 244,268 - 173,280 - 31 December 2022 6,037,952 809,586 Depreciation 1 January 2022 1,596,985 329,764 Charge for the year Disposals 54,572 - 82,663 - 31 December 2022 1,651,557 412,427 Net book value 31 December 2022 4,386,395 397,159 31 December 2021 4,196,699 306,542 The net book value of fixed assets comprises: Assets held for charity use Estate assets Assets held for administrative purposes	Range modifications, plant & machinery £ 3,171,775 371,043 (438,925) 3,103,893 1,698,364 187,532 (435,912) 1,449,984 1,653,909 1,473,411	Fixtures fittings & equipment £ 783,839 36,567 (310,767) 509,639 709,508 44,716 (310,767) 443,457 66,182 74,331	Heritage assets £ 271,961 - - 271,961 - - - - 271,961 271,961 2022 £ 1,592,948 4,787,059 395,599 6,775,606	2022 Total £ 10,657,565 825,158 (749,692)
				10,733,031 4,334,621 369,483 (746,679)
				3,957,425 6,775,606
				6,322,944
				2021 £ 1,486,526 4,467,248 369,170
				6,322,944

The net book value of fixed assets comprises:

Range fixtures, modifications, plant and machinery, office equipment and furniture are included in the accounts at cost. Range modification expenditure incurred in order to obtain the 904 certificate has been included at cost. The construction cost of the clay ranges, built with the support of the Lottery Grant, is included within range modifications.

12 Goodwill

Cost or valuation: 1 January 2022 Additions 31 December 2022 Amortisation 1 January 2022 Charge for the year 31 December 2022 Net book value 31 December 2022 31 December 2021	Group & Charity £ 546,546 - 546,546 72,873 54,655 127,528 419,018 473,673

Goodwill relates to the acquisition of Bisley Shooting Ground in August 2020. The income received in the year was £1,383,495 (2021: £959,238) and profit £275,222 (2021: £197,769).

Page 34

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Investments

		Group	Group	Charity	Charity
		2022	2021	2022	2021
		£	£	£	£
At 1 January 2022		555,011	508,251	643,399	596,639
Additions		167,000	149,345	167,000	149,345
Disposals		(161,660)	(150,916)	(161,660)	(150,916)
Increase/(decrease) in valuation		(74,003)	48,331	(74,003)	48,331
At 31 December 2022		486,348	555,011	574,736	643,399
At 31 December 2022, the market value and historical			cost of the investments were represented by:
		Group	Group	Charity	Charity
		market	historical	market	historical
		value	cost	value	cost
		2022	2022	2022	2022
		£	£	£	£
Special Prizes Funds
Category A Funds		334,111	312,263	334,111	312,263
Category B Funds		17,261	16,850	17,261	16,850
		351,372	329,113	351,372	329,113
Overseas Team Fund		134,976	149,514	134,976	149,514
Subsidiary company shares		-	-	88,388	88,388
At 31 December 2022		486,348	478,627	574,736	567,015
At 31 December 2021		555,011	464,957	643,399	553,347

The Special Prizes Fund is the Endowment Fund referred to in Note 21 and invested in investment trusts and unit trusts and loan stocks. The portfolio is split into category A funds where the NRA is the ultimate beneficiary and category B funds where the donor has named the ultimate beneficiary. In the from 1 January 2023 for the fund to enable distribution of both income and investments gains to fund prize payments

The Overseas Team Fund is a Restricted Fund referred to in Note 20 and invested in a portfolio of quoted unit trusts and investment bonds £134,976 (2021: £157,522).

T assessed to be of a trading nature.

Page 35

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Social Investments: loans to clubs

Baildon Rifle & Pistol Club Loans to Clubs carried forward Loans to Clubs brought forward Repayments received New loans granted Loans to Clubs carried forward	Group 2022 £ - - 3,000 (3,000) - -	and Charity 2021 £ 3,000
		3,000
		6,000 (3,000) -
		3,000

The loans to clubs are usually repayable in annual instalments, and are interest free. The current year balance of £0 (2021: £3,000) includes a figure of £0 (2021: £0) which is repayable in greater than one year.

15 Stock

Ammunition Medals and badges Souvenirs Clays Bisley Shooting Ground Hire and other stock	Group 2022 £ 509,495 19,263 12,418 21,318 29,105 64,578 656,177	Group 2021 £ 204,641 16,003 12,649 14,441 21,827 46,496 316,057	Charity 2022 £ - 19,263 9,991 - - - 29,254	Charity 2021 £ - 16,003 10,306 - - - 26,309

Ammunition stock levels increased to £509,495 (2021:£204,641) to ensure continuity of supply in response to increased global demand for ammunition and components as a result of the war in Ukraine.

16 Debtors

Amounts due within year: Trade debtors Amounts owed by group undertakings Other debtors and prepayments	Group 2022 £ 435,132 - 274,675 709,807	Group 2021 £ 300,139 - 648,558 948,697	Charity 2022 £ 294,895 1,022,675 234,420 1,551,990	Charity 2021 £ 206,226 701,049 525,890 1,433,165

Page 36

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Creditors

Amounts falling due within one year:

Creditors Amounts falling due within one year:
Trade creditors Membership in advance Rents and utilities in advance Other creditors Accruals Deferred income (note 18)	Group 2022 £ 473,087 891,244 423,665 599,019 101,558 133,859 2,622,432	Group 2021 £ 606,192 802,577 394,383 480,541 86,976 135,809 2,506,478	Charity 2022 £ 186,079 891,244 420,831 359,827 69,595 98,932 2,026,508	Charity 2021 £ 321,628 802,577 391,549 191,111 66,672 100,883
				1,874,420

The association's banking facilities are secured by way of a legal charge over the charity's freehold properties which were valued at £10 million on the 25[th] August 2020. The Reserves Policy includes the uncommitted £1 million limit of the overdraft.

Page 37

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

18 Deferred income

Due within one year (see note 17) Due after more than one year Deferred lease premium income: At 1 January 2022 Additions during the year Transferred to Estate income At 31 December 2022 Deferred lease premium income: At 1 January 2022 Additions during the year Transferred to Operations income At 31 December 2022 Life & Term Members Funds: At 1 January 2022 Additions during the year Transferred to Membership income At 31 December 2022 Rifle Donation: At 1 January 2022 Additions during the year Transferred to Charitable income At 31 December 2022 Optics Donation: At 1 January 2022 Additions during the year Transferred to Operations income At 31 December 2022	Group 2022 £ 133,859 516,645 650,504 Group 2022 £ 165,464 - (17,235) 148,229 58,272 - (4,482) 53,790 50,755 2,182 (8,407)	Group 2021 £ 135,809 642,585 778,394 Group 2021 £ 182,699 - (17,235) 165,464 62,754 - (4,482) 58,272 56,320 3,682 (9,247)	Charity 2022 £ 98,932 239,684 338,616 Charity 2022 £ 165,464 - (17,235) 148,229 - - - - 50,755 2,182 (8,407)	Charity 2021 £ 100,883 330,698
				431,581
				Charity 2021 £ 182,699 - (17,235)
				165,464 - - -
				- 56,320 3,682 (9,247)
	44,530 8,659 - (1,252)	50,755 9,910 - (1,251)	44,530 8,659 - (1,252)	50,755 9,910 - (1,251)
	7,407 25,793 - (4,183)	8,659 29,975 - (4,182)	7,407 - - -	8,659 - - -
	21,610	25,793	-	-

Page 38

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

18 Deferred income (continued)

Deferred caravan rent income: At 1 January 2022 Additions during the year Transferred to Estate income At 31 December 2022 Tank building deposit: At 1 January 2022 Additions during the year Transferred to Estates income At 31 December 2022 Promotional, Advertising Support: At 1 January 2022 Additions during the year Transferred to Clays Income At 31 December 2022 D Friend Prize Donation: At 1 January 2022 Additions during the year Transferred to Imperial Income At 31 December 2022	Group 2022 £ 192,314 - (73,253) 119,061 14,389 - - 14,389 262,748 - (26,260) 236,488 - 5,000 - 5,000	Group 2021 £ 265,567 - (73,253) 192,314 14,389 - - 14,389 - 262,748 - 262,748 - - - -	Charity 2022 £ 192,314 - (73,253) 119,061 14,389 - - 14,389 - - - - - 5,000 - 5,000	Charity 2021 £ 265,567 - (73,253)
				192,314 14,389 - -
				14.389 - - -
				- - - -
				- 431,581
	650,504	778,394	338,616

Page 39

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

19 Unrestricted funds

	Balance					Balance
Group & Charity	1 January				31	December
	2022	Income	Expenditure		Transfers	2022
	£	£		£	£	£
National Shooting Centre	786,020	4,454,850		(4,657,150)	281,370	865,090
Lottery capital grant funds	815,402	-		-	(63,668)	751,734
Designated Fund	1,601,422	4,454,850		(4,657,150)	217,702	1,616,824
General Fund (Charity Only)	6,632,684	4,296,271		(3,848,805)	(217,702)	6,862,448
	8,234,106	8,751,121		(8,505,955)	-	8,479,272
Designated Funds included within the Unrestricted Funds of			the group at the balance sheet date			are profits
					and the net book value of the
capital assets purchased with the Lottery grant.
Included within the General	Fund at the balance sheet date			are unrealised gains of £3,036,356 (2021:
£3,036,356) relating to the revaluation of		certain fixed		assets, calculated by reference to the
implementation of FRS102 under the transitional		arrangements.
	Balance					Balance
Group & Charity	1 January				31	December
	2021	Income	Expenditure		Transfers	2021
	£	£		£	£	£
National Shooting Centre	(2,775)	3,416,730		(3,570,297)	942,362	786,020
Lottery capital grant funds	864,864	-		-	(49,462)	815,402
Designated Fund	862,089	3,416,730		(3,570,297)	892,900	1,601,422
General Fund (Charity Only)	6,581,233	4,034,256		(3,089,905)	(892,900)	6,632,684
	7,443,332	7,450,986		(6,660,202)	-	8,234,106

Page 40

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Restricted funds

Group & Charity

Overseas Team Fund Young Shooters Fund	Balance 1 January 2022 £ 227,678 59,215 286,893	Unrealised Balance Investment 31 December Income Expenditure Gains/(Losses) 2022 £ £ £ £ 16,190 (30,121) (22,546) 191,201 1,043 (3,964) - 56,294 17,233 (34,085) (22,546) 247,495	Unrealised Balance Investment 31 December Income Expenditure Gains/(Losses) 2022 £ £ £ £ 16,190 (30,121) (22,546) 191,201 1,043 (3,964) - 56,294 17,233 (34,085) (22,546) 247,495
			247,495

The Overseas Team Fund detailed in Note 13 provides support for overseas travel for teams of our various shooting disciplines. During the year, the fund received donations and investment income, and paid for the travel costs of teams overseas. Income for the year was £16,190 (2021: £7,146), expenditure £30,121 (2021: £11) and unrealised loss on investments £22,546 (2021: gain £19,985).

The Young Shooters fund (formerly the Millennium Scholarship Fund) was formed to help young shooters continue in the target shooting in the year just after they have left school. Income for the year was £1,043 (2021: £1,113) and expenditure £3,964 (2021: £198).

Group & Charity

Overseas Team Fund Young Shooters Fund	Balance 1 January 2021 £ 200,558 58,300 258,858	Unrealised Balance Investment 31 December Income Expenditure Gains/(Losses) 2021 £ £ £ £ 7,146 (11) 19,985 227,678 1,113 (198) - 59,215 8,259 (209) 19,985 286,893	Unrealised Balance Investment 31 December Income Expenditure Gains/(Losses) 2021 £ £ £ £ 7,146 (11) 19,985 227,678 1,113 (198) - 59,215 8,259 (209) 19,985 286,893
			286,893

Page 41

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

21 Endowment funds

Group & Charity

Special Prizes Fund	Balance 1 January 2022 £ 397,489 397,489	Unrealised Balance Investment 31 December Income Expenditures Gains/(Losses) 2022 £ £ £ £ 9,003 (9,003) (46,117) 351,372 9,003 (9,003) (46,117) 351,372

The Special Prizes Fund referred to in Note 13 is an endowment fund comprising amounts held on trust to provide prizes at the Imperial Meeting from the income generated by investment of the capital. Included within the Special Prizes Fund at the balance sheet date are unrealised gains of £148,312 (2021: £194,429) relating to the revaluation of investments.

Fund B includes amounts held on behalf of five linked charities, the Commander Whitlock Trust, Gunmakers Cup, Halford Memorial Prize, The Stock Exchange Prize and Whitehead Trust Fund.

Group & Charity

Special Prizes Fund	Balance 1 January 2021 £ 370,714 370,714	Income £ 7,335 7,335	Unrealised Balance Investment 31 December Expenditure Gains/(Losses) 2021 £ £ £ (7,335) 26,775 397,489 (7,335) 26,775 397,489

22 Funds Held As Custodian Trustee

The National Rifle Association acts as custodian, managing a bank account on behalf of ICFRA these financial statements as the Association does not control them. The assets held in this way may be summarised as follows:

ICFRA Total assets held as custodian trustee	2022 £ 38,760 38,760	2021 £ 34,551
		34,551

Page 42

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

23 Analysis of net assets between funds

Fund balances at 31 December 2022 are represented by:

Designated & General Overseas Funds Team Fund Group £ £ Tangible fixed assets 9,294,050 - Intangible assets 419,018 - Fixed asset investments - 134,976 Loans to Clubs > 1 year - - Current assets 1,904,741 56,765 Current liabilities (2,621,892) (540) Deferred income (516,645) - 8,479,272 191,201	Young Shooters Fund £ 7,530 - - - 48,764 - - 56,294	Special Prizes Fund £ - - 351,372 - - - - 351,372	2022 Total £ 9,301,580 419,018 486,348 - 2,010,270 (2,622,432) (516,645)
			9,078,139

Note: Tangible fixed assets of £9,294,050 (2021: £8,934,398) include £751,734 (2021: £815,402) representing the total of Designated Funds in relation to Capital Grants in the c subsidiary.

Fund balances at 31 December 2021 are represented by:

Designated & General Overseas Funds Team Fund Group £ £ Tangible fixed assets 8,924,198 - Intangible assets 473,673 - Fixed asset investments - 157,522 Loans to Clubs > 1 year - - Current assets 1,984,758 70,696 Current liabilities (2,505,938) (540) Deferred income (642,585) - 8,234,106 227,678	Young Shooters Fund £ 10,200 - - - 49,015 - - 59,215	Special Prizes Fund £ - - 397,489 - - - - 397,489	2021 Total £ 8,934,398 473,673 555,011 - 2,104,469 (2,506,478) (642,585)
			8,918,488

Page 43

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

24 Analysis of net assets between funds (continued)

Fund balances at 31 December 2022 are represented by:

Designated & General Overseas Funds Team Fund Charity £ £ Tangible fixed assets 6,768,076 - Intangible Assets 419,018 - Fixed asset investments 88,388 134,976 Loans to Clubs > 1 year - - Current assets 1,852,618 56,765 Current liabilities (2,025,968) (540) Deferred income (239,684) - 6,862,448 191,201	Young Shooters Fund £ 7,530 - - - 48,764 - - 56,294	Special Prizes Fund £ - - 351,372 - - - - 351,372	2022 Total £ 6,775,606 419,018 574,736 - 1,958,147 (2,026,508) (239,684)
			7,461,315

Fund balances at 31 December 2021 are represented by:

Designated & General Overseas Funds Team Fund Charity £ £ Tangible fixed assets 6,312,744 - Intangible assets 473,673 - Fixed asset investments 88,388 157,522 Loans to Clubs > 1 year - - Current assets 1,962,457 70,696 Current liabilities (1,873,880) (540) Deferred income (330,698) - 6,632,684 227,678	Young Shooters Fund £ 10,200 - - - 49,015 - - 59,215	Special Prizes Fund £ - - 397,489 - - - - 397,489	2021 Total £ 6,322,944 473,673 643,399 - 2,082,168 (1,874,420) (330,698)
			7,317,066

25 Related party transactions

Management fees of £223,500 (2021: £223,500) and rent of £41,000 (2021: £41,000) were charged to the National Shooting Centre Limited; the closing intercompany balance was £1,022,675 (2021: £701,049). There were no other related party transactions to disclose (2021: none).

Page 44

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

26 Contingent liabilities

On 10 July 2000, a 50 year debenture was created in favour of The English Sports Council, representing a fixed and floating charge over all the assets of the subsidiary company, against the relating to the grant for the clay shooting complex for the 2002 Commonwealth Games. The amount repayable to The English Sports Council in the event that these obligations crystallise is £2,036,647 (2021: £2,036,647).

27 Lessee Commitments under operating leases

At 31 December 2022, the group and charity had total lessee commitments under non-cancellable operating leases as follows:

Land and buildings: - Less than 1 year - 1-5 years - Greater than 5 years	Group 2022 £ 6,000 21,947 172,252 200,199	Group 2021 £ 6,000 21,947 178,252 206,199	Charity 2022 £ 6,000 21,947 172,252 200,199	Charity 2021 £ 6,000 21,947 178,252
				206,199

28 Lessor Commitments under operating leases

At 31 December 2022, the group and charity had total lessor Commitments under finance leases as follows:

Land and buildings: - Less than 1 year - 1-5 years - Greater than 5 years	Group 2022 £ 891,859 2,565,089 5,043,826 8,500,774	Group 2021 £ 844,296 2,568,966 5,184,609 8,597,871	Charity 2022 £ 891,859 2,565,089 5,043,826 8,500,774	Charity 2021 £ 844,296 2,568,966 5,184,609
				8,597,871

Page 45

NATIONAL RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022

29 Post Balance Sheet Event

Uncertainty of availability and cost of ammunition and component supplies caused by the war in Ukraine continues to present challenges to the operations of the NRA and NSC. As a consequence stock holdings have been increased significantly; the Trustees are carefully managing the resultant reduction in liquidity.

30 Notes to the consolidated cash flow statements

30.1 Reconciliation of net movement in funds to net cash flow from operating activities

Net income Loss/(Gains) on investments Dividends received Interest payable Surplus on disposal of tangible fixed assets Depreciation Amortisation (Increase)/Decrease in stocks Decrease in loans to clubs Decrease/(Increase) in debtors (Increase) in creditors Net cash inflow from operating activities	2022 £ 159,651 68,663 (15,226) 144 7,419 595,376 54,655 (340,120) 3,000 238,890 (9,986) 762,466	2021 £ 845,594 (46,760) (12,073) 5,981 320 499,815 54,655 173,257 3,000 (145,713) (197,770)
		1,180,306

30.2 Analysis of changes in net debt

At 1 January 2022 £ Cash at bank and in hand 836,715 Bank overdraft - Net cash 836,715	Cash flow £ (192,429) - (192,429)	At Non-cash 31 December changes 2022 £ £ - 644,286 - - - 644,286	At Non-cash 31 December changes 2022 £ £ - 644,286 - - - 644,286
			644,286

Page 46