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2020-12-31-accounts

The London and Middlesex Rifle Association

Trustees Report and Unaudited Consolidated Financial Statements

for the year ended 31 December 2020

Registered Charity Number 220902

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INDEX

Page
Charity information 1
Trustees’ report 2
Independent examiner’s report 4
Statement of financial activities 5
Balance sheets 6
Statement of cash flows 7
Accounting policies 8
Notes to the financial statements 10

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CHARITY INFORMATION

Trustees

The sole trustee of the charity is a company limited by guarantee, LMRA Trustee Limited, company number 12136824, incorporated 2 August 2019. The individuals listed below were directors of the trustee company from incorporation, except where stated, with the company becoming ultimate trustee on 21 September 2019:

Tim Bedwell

Nick Brasier Gareth Corfield (appointed 13 June 2020) Simon Hill Gwynne Jarvis David Lloyd Doug Stewart

Address

The London and Middlesex Rifle Association Club Row Bisley Camp Brookwood Surrey GU24 0PA

Registered charity number

220902

Treasurer

Simon Hill Independent Examiner Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers

National Westminster Bank plc South West Surrey Business Centre PO Box 1 1 Stoke Road Guildford Surrey GU1 3ZR Lloyds TSB Bank plc Connaught House Alexandra Terrace Guildford GU1 3DA

Page 1

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

TRUSTEE’S REPORT

The trustee has pleasure in presenting the annual report together with the consolidated accounts for the year ended 31 December 2020. The trustee has adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) issued in October 2019, in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The London & Middlesex Rifle Association is a registered charity (no. 220902). The Rules of Association dated 21 September 2019 form its governing document. The trustee of the charity is LMRA Trustee Limited, a company registered in England and Wales, number 12136824, with further information provided on page 1.

The directors of LMRA Trustee Limited comprise the members of the Management and Finance Committee plus the chairmen of the Membership Committee and the Shooting Committee. The members of these committees are elected by the LMRA Council. All powers of the Council shall be exercisable by the trustee.

The entire affairs and funds of the Association shall be vested in Council of eighteen elected members and up to 5 co-opted members, all of whom shall be full members of the Association. Any full member of the Association shall be eligible for election to the Council, but, except in the case of a member of the Council retiring by rotation, the name of every member to be proposed for election to the Council shall be notified in writing by his proposer and seconder to the Secretary, twenty-eight clear days before the date of the Annual General Meeting, together with the consent of such member to serve, if elected. Notice of such proposal shall be given to the members in the notice convening the meeting.

At the AGM certain elected members of Council shall retire from office and be eligible for re-election. At the AGM in September 2021 those retiring by rotation in this way were: Gary Alexander, Daniel Blake, Mark Clewer, John Saunders, Richard Winney and Lee Winter. All were re-elected.

Newly appointed members of Council are provided with copies of relevant Charity Commission guidance for Trustees on appointment.

Day to day management of the LMRA is delegated to the appointed Managers by the Council who remain closely involved in the operations of the Association.

The Association has two 100% owned subsidiary companies. LMRA Trading Limited, which undertook the trading activities of St George’s Lodge on behalf of London & Middlesex Rifle Association and LMRA Facilities Club Limited which undertook the remaining trading activities. The results of LMRA Trading Limited and LMRA Facilities Club Limited are consolidated into these financial statements.

The major risks to which the Association is exposed, as identified by the Council, are reviewed at the regular Council meetings in order to ensure that systems and procedures are maintained which manage those risks.

OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The Association’s objects include the encouragement of rifle shooting within London and Middlesex and in particular among units of volunteer forces domiciled in those Counties. As now constituted, the Association is open to present and past members of H M Forces and to any individual of either sex interested in target shooting with small arms.

The Association seeks to achieve these objects by providing training and facilities for members and organising competitions for individuals and teams. It also provides its facilities to affiliated cadet forces, units and schools, thereby supporting a new generation’s interest in competitive target shooting.

In determining how the Association should achieve its charitable objects the trustee has had regard to the Charity Commission’s guidance on public benefit.

The key objectives for 2020 were: to continue to develop our training course materials and delivery, and to continue to encourage new members through Open Days and the Probationary Training procedure; to reduce costs to manage through the COVID-19 pandemic; to update our strategy to continue to develop the Association and deliver on our objectives with a revised management structure; to finalise the new leases for St George’s Lodge and the Clubhouse once the impact of the COVID-19 restrictions on the Association’s activities are resolved; and to finalise the financing solution for LMRA Trading Limited with our investors.

We updated our training materials to include content relevant to scoped rifles which is an increasingly popular shooting discipline. In the year, despite the COVID lockdowns, we held one Probationary course and 5 F Class (scoped rifle) training shoots. We ran several mentoring days for new shooters, alongside our team matches, during the year.

With the support of Government grant and furlough schemes we have managed through 2020 and remain viable as an organisation, despite the losses incurred which have further depleted our capital resources.

We worked through several strategic options to develop a new plan for the Association, and have now recruited a new manager to lead the operations of the Association.

New lease terms are agreed in principle with the NRA, but new leases have not been exchanged yet, owing to the continuing impact of the COVID19 pandemic which may require minor amendments to the lease terms.

The consolidated accounts show a deficit of £64,785 (2019: surplus of £38,491), with £22,080 (2019: £8,118) spent on tangible assets which increased the net liabilities of the group to £87,810 (2019: £23,025) at 31 December 2020.

Page 2

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

TRUSTEE’S REPORT

FINANCIAL REVIEW

The Trustee’s policy is to achieve a level of reserves which will provide a stable base for the charity’s continuing activities while at the same time ensuring that available funds are used to deliver on our charitable objectives. The current level of unrestricted reserves is a deficit, after adjusting for fixed assets, of £113,653 (2019: £37,618). This represents a increase in the deficit of £76,035 . It is the intention of the Trustee that in the long term reserves should be increased to a level equivalent to no more than one year’s expenditure in order that all commitments can be honoured in the event of a sudden reduction in income.

The principal source of the Association’s funds continues to be its members, whether by means of annual subscriptions or by payments for use of LMRA facilities. The continued support of the members, and recruitment of new members of all ages, is a key element of the Trustee’s strategy for the Association.

The year ended 31 December 2020 showed total group incoming resources of £193,644 (2019: £461,359) and total outgoing resources of £258,429 (2019: £422,868) - leading to a net deficit of £64,785 (2019: surplus of £38,491).

PLANS FOR FUTURE PERIODS

For 2021 the planned cash generated has been set as £3,496 after necessary capital expenditure. This was our best projection of our plans subject to the unknown impact of COVID-19 during the year.

The current COVID-19 impact makes our activities harder to manage, has decreased participation and increased our costs. So far in 2021, we have gradually re-started our operations as government guidelines permitted, and from late July 2021 have resumed close to our full range of activities. Our new manager started in March 2021 and is in charge of the day-to-day running of the Clubhouse and our two commercial subsidiaries, He has recruited staff for the re-opening of the Clubhouse, and he will work to optimise the operations of the two trading subsidiaries.

We are re-starting our training and competitive activities cautiously as COVID restrictions allow, balancing the benefits gained against the risk to our members and staff. This will continue for the rest of the year, and we plan to establish a new training course which will extend the skills base of our members.

Our priority is to return to normal operations and activities in a sustainable manner, and start to recover the significant extra costs and losses incurred as a result of the pandemic.

In 2021 year-to-date, the group is showing a surplus thanks to the ongoing support of its members as we emerge from COVID-19. While the remainder of the year is likely to be challenging, we hope to close the year with the group still showing a small surplus.

We anticipate exchanging our leases for St George’s Lodge and the Clubhouse once the impact of the COVID-19 restrictions on the Association’s activities are resolved, so that we can then invest appropriately in the facilities we provide at Bisley Camp to encourage shooting and marksmanship. Once the new lease for St George’s Lodge has been signed we will finalise the financing solution with our investors. There ar e currently Loan Notes totalling £182,750 outstanding.

STATEMENT OF TRUSTEE’S RESPONSIBILITIES

The trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to:

The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

APPOINTMENT OF AN INDEPENDENT EXAMINER

During the year under review the income level of the charitable group remained below the audit threshold under the Charities Act. The trustee has therefore elected to continue to dispense with an audit of the group and opt for an independent examination.

A resolution proposing Geoffrey Frost of Blue Spire Limited be reappointed will be put forward at the AGM of the charity.

Approved by the trustee and signed on its behalf.

26 October 2021 Trustee Date

Page 3

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INDEPENDENT EXAMINER’S REPORT

Independent Examiner's Report to the Trustee of The London and Middlesex Rifle Association

I report to the charity trustee on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 5 to 16.

Responsibilities and basis of report

As the charity’s trustee you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Cawley Priory South Pallant ie Chichester Geoffrey Frost BSc(Hons) FCA West Sussex Blue Spire Limited, Statutory Auditors PO19 1SY

27 October 2021 Date

Page 4

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Charitable activities
3
Other
4
Total
EXPENDITURE ON:
Raising funds - Seeking donations
5
Raising funds - Operation of trading subsidiaries
2
Charitable activities
6
Total resources expended
Net income/(expenditure) and net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
19
Total funds carried forward
19		 Unrestricted
Funds
£
11,608
121,904
57,318
2,814
193,644
417
202,228
55,784
258,429
(64,785)
(24,125)
(88,910)		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
1,100
1,100		 2020
Total
Funds
£
11,608
121,904
57,318
2,814
193,644
417
202,228
55,784
258,429
(64,785)
(23,025)
(87,810)		 2019
Total
Funds
£
59,838
307,402
93,494
625
461,359
746
314,199
107,923
422,868
38,491
(61,516)
(23,025)

None of the charity's other activities were acquired or discountinued during the above two financial years .

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 5

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

GROUP AND CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020

Group Charity
2020 2019 2020 2019
Note £ £ £ £
FIXED ASSETS
Tangible assets 10, 11 24,743 13,493 14,373 5,101
Investments 12 - - 102 102
Total fixed assets 24,743 13,493 14,475 5,203
CURRENT ASSETS
Stocks 13 12,603 14,177 7,335 7,366
Debtors 14 21,363 27,152 137,157 108,004
Cash at hand and in bank 94,666 156,437 84,922 87,406
Total current assets 128,632 197,766 229,414 202,776
CURRENT LIABILITIES
Creditors: amounts falling due within one year 15 (241,185) (234,284) (49,466) (29,095)
Net current assets/(liabilities) (112,553) (36,518) 179,948 173,681
Total assets less current liabilities (87,810) (23,025) 194,423 178,884
Creditors: amounts falling due after more than one year 16 - - - -
Total net assets (87,810) (23,025) 194,423 178,884
THE FUNDS OF THE CHARITY
Restricted funds 19 1,100 1,100 1,100 1,100
Unrestricted funds 19 (88,910) (24,125) 193,323 177,784
Total charity funds (87,810) (23,025) 194,423 178,884

Approved by the trustee and signed on its behalf.

Trustee

26 October 2021

Date

Page 6

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

GROUP AND CHARITY STATEMENT OF CASH FLOWS

Note
Net cash flow from operating activities (see below)
Cash flow from investing activities
Purchase of tangible fixed assets
10,11
Net cash flow from investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents consist of:
Cash at bank and in hand
Cash and cash equivalents at 31 December		 2020
2019
£
£
(39,691)
45,636
(22,080)
(8,118)
(22,080)
(8,118)
(61,771)
37,518
156,437
118,919
94,666
156,437
94,666
156,437
94,666
156,437
Group		 2020
2019
£
£
7,191
254,130
(9,675)
-
(9,675)
-
(2,484)
254,130
304,742
50,612
302,258
304,742
84,922
87,406
84,922
87,406
Charity		 2020
2019
£
£
7,191
254,130
(9,675)
-
(9,675)
-
(2,484)
254,130
304,742
50,612
302,258
304,742
84,922
87,406
84,922
87,406
Charity
-
254,130
50,612
304,742
87,406
87,406
Reconciliation of net income to net cash flow from operating activities
2020
2019
Note
£
£
Net income for the year
(64,785)
38,491
Adjusted for:
Depreciation and impairment of tangible fixed assets
10,11
10,830
18,120
Decrease/(increase) in stocks
13
1,574
(3,263)
Decrease/(increase) in debtors
14
5,789
(14,227)
Increase/(decrease) in creditors
15
6,901
6,515
25,094
7,145
(39,691)
45,636
Group		 2020
2019
£
£
15,539
262,625
403
-
31
(2,048)
(29,153)
(24,489)
20,371
18,042
(8,348)
(8,495)
7,191
254,130
Charity		 2020
2019
£
£
15,539
262,625
403
-
31
(2,048)
(29,153)
(24,489)
20,371
18,042
(8,348)
(8,495)
7,191
254,130
Charity
(8,495)
254,130

Page 7

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES

General information, scope and basis of preparation

London and Middlesex Rifle Association is an unincorporated charity established under a rules of association dated 2008 with a charity number of 220902.

The charity's place of business is Bisley Camp, Brookwood, Surrey, GU24 0NY. The nature of the charity's operations is given in the trustee's report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The financial statements are presented in the functional currency of the entity and rounded to the nearest £1.

Consolidation

The London & Middlesex Rifle Association owns the entire share capital of its two trading subsidiaries, LMRA Trading Limited and LMRA Facilities Club Limited. At the start of 2008 all bar, catering and clubhouse accommodation income and expenditure was moved to LMRA Facilities Club Limited. Accommodation at St George’s Lodge has continued to be dealt with in LMRA Trading Limited throughout the year under review. The results of the trading subsidiaries are consolidated within these financial statements on a line by line basis.

Going concern

The trustee has considered the charity and group’s ability to continue as a going concern, taking into account the negative net asset position of the group and of its subsidiary companies. The trustee has also considered the results for the year and for the period since the year end and noted the improvement that is now starting to show as a result of the changes in personnel and operations that were implemented during 2021. This, combined with their confidence that only limited amounts of loan notes due from L.M.R.A. (Trading) Limited will need to be redeemed in the next twelve months and the ongoing support of members, leads the trustee to conclude that the going concern basis of accounting continues to be appropriate in these accounts and those of the subsidiary undertakings. If the going concern basis of accounting were to become inappropriate then it is probable that the values of tangible fixed assets shown within these accounts would be substantially reduced.

During the year the charity's operations have been significantly impacted by the Coronavirus (COVID-19) pandemic and the UK government's measures to tackle it. The trustee and directors of the trading subsidiaries have made use of the support measures provided by government in the form of the Coronavirus Job Retention Scheme and grants to sustain the group during the restrictions. It is the belief of the trustee the continued support of the members, together with restructuring of operations of the group the charity group remains a going concern.

Fund accounting policy

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

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

Further details of each fund are disclosed in Note 19.

Income

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Page 8

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES

Income (continued)

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

● Costs of raising funds; which includes the costs of seeking donations and costs of subsidiary undertakings

● Expenditure on charitable activities; which includes costs incurred on activities in furtherence of the charity's objects

Support cost allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Furniture and equipment 4 years Leasehold property remainder of lease term

The London & Middlesex Rifle Association uses a capitalisation threshold of £500.

Investments

The London & Middlesex Rifle Association owns the entire share capital of its trading subsidiaries, LMRA Trading Limited and LMRA Facilities Club Limited. This investment is held at cost as a market value is not readily available.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Operating leases

Rentals payable under operating leases are charged in the statement of financial activities on a straight line basis over the lease term.

Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Taxation

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Page 9

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Donations and gift aid
Legacies		 Unrestricted
Funds
£
11,608
-
11,608		 Restricted
Funds
£
-
-
-		 2020
Total
Funds
£
11,608
-
11,608		 Unrestricted
Funds
£
11,338
48,500
59,838		 Restricted
Funds
£
-
-
-		 2019
Total
Funds
£
11,338
48,500
59,838

2. Income from other trading activities and costs of raising funds - Unrestricted

Turnover
Cost of Sales
Gross profit
Administrative expenses
Operating profit(loss)
Interest receivable and similar income
Interest payable and similar expenses
Other income - grants received
Net profit/(loss) before gift aid and taxation
Corporation tax
Gift aid donation to parent charity
Net profit/(loss) after gift aid
Reserves brought forward
Reserves carried forward
Total capital and reserves		 LMRA
Trading
Limited
£
23,253
(19,846)
3,407
(34,412)
(31,005)
-
-
11,334
(19,671)
-
-
(19,671)
(122,463)
(142,134)
(142,034)		 LMRA
Facilities
Club Limited
£
38,009
(112,396)
(74,387)
(35,574)
(109,961)
-
-
49,308
(60,653)
-
-
(60,653)
(79,446)
(140,099)
(140,097)		 2020
Total
Funds
£
61,262
(132,242)
(70,980)
(69,986)
(140,966)
-
-
60,642
(80,324)
-
-
(80,324)
(201,909)
(282,233)
(282,131)		 2019
Total
Funds
£
307,402
(232,193)
75,209
(77,588)
(2,379)
-
-
-
(2,379)
(4,418)
-
(6,797)
(195,112)
(201,909)
(201,807)

L.M.R.A. (Trading) Limited carries on the provision of accommodation at St George's Lodge.

LMRA Facilities Club Limited carries on the provision of clubhouse accommodation in addition to the bar and catering supplies to users of the London and Middlesex Rifle Association clubhouse.

3. Income from charitable activities

Shooting
Membership
Lockers		 Unrestricted
Funds
£
7,903
35,909
13,506
57,318		 Restricted
Funds
£
-
-
-
-		 2020
Total
Funds
£
7,903
35,909
13,506
57,318		 Unrestricted
Funds
£
40,906
39,497
13,091
93,494		 Restricted
Funds
£
-
-
-
-		 2019
Total
Funds
£
40,906
39,497
13,091
93,494

Page 10

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

4. Other income

4. Other income
2020 2019
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Grants and miscellaneous receipts 2,814 - 2,814 625 - 625
2,814 - 2,814 625 - 625
5. Raising funds - Seeking donations
2020 2019
Unrestricted Restricted Total Unrestricted Restricted Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Costs incurred in seeking donations 417 - 417 746 - 746
417 - 417 746 - 746

6. Costs of charitable activities

6. Costs of charitable activities
Shooting
Membership
Governance costs (see note 7)		 Unrestricted
Funds
£
33,562
19,160
3,062
55,784		 Restricted
Funds
£
-
-
-
-		 2020
Total
Funds
£
33,562
19,160
3,062
55,784		 Unrestricted
Funds
£
77,122
19,036
11,765
107,923		 Restricted
Funds
£
-
-
-
-		 2019
Total
Funds
£
77,122
19,036
11,765
107,923

7. Governance costs

Independent examiner's fees
Bookkeeping
Other professional fees
Legal fees		 Unrestricted
Funds
£
1,382
1,680
-
-
3,062		 Restricted
Funds
£
-
-
-
-
-		 2020
Total
Funds
£
1,382
1,680
-
-
3,062		 Unrestricted
Funds
£
1,365
1,680
267
8,453
11,765		 Restricted
Funds
£
-
-
-
-
-		 2019
Total
Funds
£
1,365
1,680
267
8,453
11,765

8. Examiner's fees (excluding VAT) - group

Independent examiner's fees
Accountants fees-subsidiaries
Corporation tax-subsidiaries
Payroll services		 Unrestricted
Funds
£
1,275
1,250
300
1,780
4,605		 Restricted
Funds
£
-
-
-
-
-		 2020
Total
Funds
£
1,275
1,250
300
1,780
4,605		 Unrestricted
Funds
£
1,200
1,200
250
1,780
4,430		 Restricted
Funds
£
-
-
-
-
-		 2019
Total
Funds
£
1,200
1,200
250
1,780
4,430

Page 11

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS

9. Salary costs and related party transactions - group

9. Salary costs and related party transactions - group
Gross Wages
Employer's national insurance costs
Employer's pension costs
The average number of employees, calculated on an average headcount basis, was :		 2020
Total
£
49,089
1,326
444
50,859
2020
8
8		 2019
Total
£
109,738
4,525
1,416
115,679
2019
11
11

As permitted under rule 8 of the charity's governing document, remuneration totalling £3,921 (2019: £4,650) was paid to J Saunders, a coopted trustee, for his services as the charity's shooting manager during the year. No other remuneration was payable to trustees. No trustees (2019: None) were reimbursed travel expenses during the year.

No members of staff earn in excess of £60,000.

The trustees represent key management personnel for the charity and group. No remuneration was paid to the trustees, in addition to the amount paid to J Saunders above.

There are no further related party transactions requiring disclosure in these accounts.

10. Tangible assets - group

Cost
Brought forward
Additions
Depreciation
Accumulated brought forward
Charge for the year
Net book value carried forward
Net book value brought forward		 Leasehold
premises
£
437,945
-
437,945
437,504
440
437,944
1
441		 Furniture &
equipment
£
269,005
22,080
291,085
261,054
10,390
271,444
19,641
7,951		 Challenge
cup &
trophies
£
1
-
1
-
-
-
1
1		 Rifles
£
5,100
-
5,100
-
-
-
5,100
5,100		 Total
£
712,051
22,080
734,131
698,558
10,830
709,388
24,743
13,493

Page 12

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

11. Tangible assets- Charity

11. Tangible assets- Charity
Cost
Brought forward
Additions
Depreciation
Accumulated brought forward
Charge for the year
Net book value carried forward
Net book value brought forward		 Leasehold
premises
£
206,770
-
206,770
206,770
-
206,770
-
-		 Furniture &
equipment
£
152,271
9,675
161,946
152,271
403
152,674
9,272
-		 Challenge
cup &
trophies
£
1
-
1
-
-
-
1
1		 Rifles
£
5,100
-
5,100
-
-
-
5,100
5,100		 Total
£
364,142
9,675
373,817
359,041
403
359,444
14,373
5,101

12. Investments- Charity

12. Investments- Charity
The charity has investments in wholly owned subsidiary undertakings as follows:
LMRA Trading Limited (co. reg. 03565617)
LMRA Facilities Club Limited (co. reg. 06314910)		 2020
£
100
2
102		 2019
£
100
2
102

13. Stocks

Ammunition
Prizes and badges
Other
14. Debtors
Trade debtors
Other debtors
Amounts due from subsidiary undertakings
Prepayments		 2020
2019
£
£
4,993
5,023
2,342
2,343
5,268
6,811
12,603
14,177
2020
2019
£
£
9,981
14,270
586
1,716
-
-
10,796
11,166
21,363
27,152
Group
Group		 2020
2019
£
£
4,993
5,023
2,342
2,343
-
-
7,335
7,366
2020
2019
£
£
318
924
165
1,440
133,515
102,787
3,159
2,853
137,157
108,004
Charity
Charity		 2020
2019
£
£
4,993
5,023
2,342
2,343
-
-
7,335
7,366
2020
2019
£
£
318
924
165
1,440
133,515
102,787
3,159
2,853
137,157
108,004
Charity
Charity
108,004

Page 13

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

15. Creditors : amounts falling due within one year

Trade creditors
Loan notes repayable
Amounts due to subsidiary undertaking
Taxation, social security and other creditors
Accruals and deferred income
Other creditors		 2020
2019
£
£
12,475
18,877
182,750
182,750
-
-
8,490
18,505
34,735
12,505
2,735
1,647
241,185
234,284
Group		 2020
2019
£
£
34,655
20,678
-
-
-
-
62
387
14,609
7,890
140
140
49,466
29,095
Charity		 2020
2019
£
£
34,655
20,678
-
-
-
-
62
387
14,609
7,890
140
140
49,466
29,095
Charity
29,095

16. Creditors: amounts falling due after more than one year

16. Creditors: amounts falling due after more than one year
Loan notes - 1-2 years 2020
2019
£
£
-
-
-
-
Group		 2020
2019
£
£
-
-
-
-
Charity
-

17. Analysis of net assets between funds - group

17. Analysis of net assets between funds - group
Tangible fixed assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year		 Unrestricted
Funds
£
24,743
12,603
21,363
93,566
(241,185)
-
(88,910)		 Restricted
Funds
£
-
-
-
1,100
-
-
1,100		 2020
Total
Funds
£
24,743
12,603
21,363
94,666
(241,185)
-
(87,810)		 2019
Total
Funds
£
13,493
14,177
27,152
156,437
(234,284)
-
(23,025)

18. Analysis of net assets between funds - charity

Tangible fixed assets
Investments
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year		 Unrestricted
Funds
£
14,373
102
7,335
137,157
83,822
(49,466)
193,323		 Restricted
Funds
£
-
-
-
-
1,100
-
1,100		 2020
Total
Funds
£
14,373
102
7,335
137,157
84,922
(49,466)
194,423		 2019
Total
Funds
£
5,101
102
7,366
108,004
87,406
(29,095)
178,884

Page 14

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

19. Analysis of net movement in funds - group and charity
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
177,784
General funds - LMRA Trading Limited
(122,463)
General funds - LMRA Facilities Club Limited
(79,446)
Total unrestricted funds
(24,125)
Total funds
(23,025)
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
132,495
General funds - LMRA Trading Limited
(130,760)
General funds - LMRA Facilities Club Limited
(64,351)
Total unrestricted funds
(62,616)
Total funds
(61,516)		 19. Analysis of net movement in funds - group and charity
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
177,784
General funds - LMRA Trading Limited
(122,463)
General funds - LMRA Facilities Club Limited
(79,446)
Total unrestricted funds
(24,125)
Total funds
(23,025)
Total funds
brought
forward
£
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
132,495
General funds - LMRA Trading Limited
(130,760)
General funds - LMRA Facilities Club Limited
(64,351)
Total unrestricted funds
(62,616)
Total funds
(61,516)		 Year ended 31 December 2020 Year ended 31 December 2020 Year ended 31 December 2020
Total funds
brought
forward
£
1,100
1,100
177,784
(122,463)
(79,446)
(24,125)
(23,025)		 Total
Total
Transfers
incoming
resources
between
resources
expended
funds
£
£
£
-
-
-
-
-
-
71,740
(56,201)
-
34,587
(54,258)
-
87,317
(147,970)
-
193,644
(258,429)
-
193,644
(258,429)
-
Year ended 31 December 2019		 Total funds
carried
forward
£
1,100
1,100
193,323
(142,134)
(140,099)
(88,910)
(87,810)
Total funds
brought
forward
£
1,100
1,100
132,495
(130,760)
(64,351)
(62,616)
(61,516)		 Total
incoming
resources
£
-
-
153,957
92,539
214,863
461,359
461,359		 Total
resources
expended
£
-
-
(108,668)
(84,242)
(229,958)
(422,868)
(422,868)		 Transfers
between
funds
£
-
-
-
-
-
-
-		 Total funds
carried
forward
£
1,100
1,100
177,784
(122,463)
(79,446)
(24,125)
(23,025)

Young shooters' fund is established from donations funds to support young shooters.

20. Results of the charity

20. Results of the charity
Total incoming resources
Total resources expended
Net income		 Unrestricted
Funds
£
71,740
(56,201)
15,539		 Restricted
Funds
£
-
-
-		 2020
Total
Funds
£
71,740
(56,201)
15,539		 Unrestricted
Funds
£
153,957
108,668
262,625		 Restricted
Funds
£
-
-
-		 2019
Total
Funds
£
153,957
108,668
262,625

Page 15

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

21. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

21. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
Financial assets
Debt instruments measured at amortisd cost:
Trade debtors
Amounts owed by group undertakings
Other debtors
Equity instruments measured at cost less impairment:
Fixed asset unlisted investments
Financial liabilities
Measured at amortised cost:
Trade creditors
Loans notes payable
Other creditors		 2020
2019
£
£
9,981
14,270
-
-
586
1,716
10,567
15,986
-
-
-
-
12,475
18,877
182,750
182,750
8,490
18,505
203,715
220,132
Group		 2020
2019
£
£
318
924
133,515
102,787
165
1,440
133,998
105,151
102
102
102
102
34,655
20,678
-
-
62
387
34,717
21,065
Charity
105,151
102
102
20,678
-
387
21,065

Page 16

THE LONDON AND MIDDLESEX RIFLE ASSOCIATION

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

Detailed group income and expenditure
(This page does not form part of the independently examined financial statements)
Incoming resources:
Donations, legacies and similar income
Membership
Accommodation (clubhouse)
Lockers
Bar income
Catering income
St George's Lodge
Other incoming resources including grants
Total income for the group
Outgoing resources:
Fundraising
Salaries
Staff expenses
Shooting subsidy
Rent, rates and services
Insurance
Heat and light
Cleaning
Maintenance
Office telephone
Office printing and stationery
Independent Examiner's fee
Other accountancy fees
Professional fees
Legal fees
Sundries
Depreciation
Interest payable and bank charges
Clubhouse bar, catering and accommodation costs
St George's Lodge costs
Morris legacy expenditure
Total expenditure for the group
Surplus/(deficit) for the year		 2020
£
11,608
35,909
2,059
13,506
16,893
19,057
23,253
63,456
185,741
-
6,021
-
1,172
9,148
1,385
7,818
154
8,963
221
35
1,382
-
1,680
2,560
6,939
403
417
147,970
54,258
-
250,526
(64,785)		 2019
£
59,838
39,497
22,392
13,091
81,375
111,096
92,539
625
420,453
-
8,918
-
10,897
4,659
1,295
11,242
145
3,500
175
332
1,365
-
1,947
14,159
8,383
-
746
229,957
84,242
-
381,962
38,491

Page 17