## The London and Middlesex Rifle Association
## **Trustees Report and Unaudited Consolidated Financial Statements**
for the year ended 31 December 2022
**Registered Charity Number 220902**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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 2022
## **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 throughout the year to 31 December 2022 except where stated: Tim Bedwell Nick Brasier Gareth Corfield Simon Hill (resigned 29 October 2022) Gwynne Jarvis David Lloyd (resigned 29 October 2022) Doug Stewart Ryan Warren (appointed 29 October 2022) **Address** The London and Middlesex Rifle Association Club Row Bisley Camp Brookwood Surrey GU24 0PA **Registered charity number** 220902 **Treasurer** Ryan Warren **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 2022
## **TRUSTEE’S REPORT**
The trustee has pleasure in presenting the annual report together with the consolidated accounts for the year ended 31 December 2022. 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 (“the LMRA” or “the 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 a Council of eighteen elected members, all of whom shall be Full Members of the Association, together with the President and Secretary, if honorary. The Secretary, if honorary, shall be the ex-officio members of Council. The Council shall have the power to co-opt annually up to five full members. Any Full Members 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 AGM, 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 2022 those retiring by rotation in this way were: Gareth Corfield, Ian Farbon, Andrew Harrison, David Lloyd, Doug Stewart, and Thomas Harrison. Gareth Corfield, Ian Farbon, Andrew Harrison, David Lloyd and Doug Stewart were re-elected.
Newly appointed members of Council are provided with copies of relevant Charity Commission guidance for trustees.
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 to ensure that systems and procedures are maintained to manage those risks.
## **OBJECTIVES, ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE**
The Association’s objects include the encouragement of rifle shooting within London and Middlesex and especially 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 its members and organising competitions for individuals and teams. It also provides 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 Association’s key goal for the 2022 financial year was to continue the return to normal its operations and activities and the recovery of the significant extra costs and financial losses incurred as a result of the pandemic.
The Association continued the reinstatement of its usual competitive shooting activities, including team matches and individual competitions. It also ran training courses and mentored shooting days during 2022. While competition and training activities recovered strongly these were hampered by high inflation and low availability of ammunition driven largely by the conflict in Ukraine.
The consolidated accounts show a deficit of £22,293 (2021 surplus: £3,096), with £32,530 (2021: £17,171) spent on tangible assets which increased the net liabilities of the group to £107,007 (2021 net liabilities: £84,714) at 31 December 2022.
## **FINANCIAL REVIEW**
The trustee’s policy is to target a level of reserves that will provide a stable financial base for the Association’s ongoing activities while ensuring that available funds are used to deliver its charitable objectives. The current level of unrestricted reserves of the group is a deficit, after adjusting for fixed assets, of £148,862 (2021 deficit: £113,799). This represents an increase in the deficit of £35,063 **.** 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 the 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.
**Page 2**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **TRUSTEE’S REPORT**
The year ended 31 December 2022 showed total group incoming resources of £488,353 (2021: £387,965) and total outgoing resources of £510,646 (2021: £384,869) - leading to a net deficit of £22,293 (2021 surplus: £3,096).
## **OUTLOOK AND PLANS FOR FUTURE PERIODS**
The 2023 financial year is expected to be challenging. The trustee plans for the Association to generate a small profit in 2023, but recognises the uncertainty driven by headwinds from the current economic environment, characterised by high inflation and the developing cost of living crisis, which is expected to have a detrimental impact on both the Association’s costs and demand for many of its services.
The increasing rents payable on the properties, together with large increases in energy costs, are expected to put a significant financial strain on operations during 2023. Further, the commercial catering operation is expected to remain under pressure primarily owing to inflation, staff shortages and wage inflation in the catering market. Ongoing work focuses on returning LMRA Facilities Club to profit over the next 12 to 24 months.
The Association intends to continue its charitable activities and run a normal programme of shooting competitions, team matches, training, and support of its members during 2023. The Association is working to return the charitable operations to a surplus in 2023.
Now that the new property lease for St George’s Lodge has been signed, the financing solution with investors will be finalised. There are 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
## 04 August 2023
Trustee Date
**Page 3**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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 2022 which are set out on pages 5 to 17.
## **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**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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.
Geoffrey Frost BSc(Hons) FCA Blue Spire Limited, Statutory Auditors
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
04 August 2023 Date
**Page 4**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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**
**£**
18,509
370,103
99,741
-
488,353
6,268
368,849
135,529
510,646
(22,293)
(85,814)
(108,107)|**Restricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
1,100
1,100|**2022**
**Total**
**Funds**
**£**
18,509
370,103
99,741
-
488,353
6,268
368,849
135,529
510,646
(22,293)
(84,714)
(107,007)|**2021**
**Total**
**Funds**
**£**
9,701
275,061
100,252
2,951|
|---|---|---|---|---|
|||||387,965|
|||||525
277,192
107,152|
|||||384,869|
|||||3,096
(87,810)|
|||||(84,714)|
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 2022
## **GROUP AND CHARITY BALANCE SHEET AS AT 31 DECEMBER 2022**
|**Note**
**FIXED ASSETS**
Tangible assets
**10, 11**
Investments
**12**
**Total fixed assets**
**CURRENT ASSETS**
Stocks
**13**
Debtors
**14**
Cash at hand and in bank
**Total current assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
**15**
**Net current assets/(liabilities)**
**Total assets less current liabilities**
Creditors: amounts falling due after more than one year
**16**
**Total net assets**
**THE FUNDS OF THE CHARITY**
**Restricted funds**
**19**
**Unrestricted funds**
**19**
**Total charity funds**|**2022**
**2021**
**£**
**£**
40,755
27,985
-
-
40,755
27,985
17,176
12,551
15,812
15,176
91,643
124,024
124,631
151,751
(272,393)
(264,450)
(147,762)
(112,699)
(107,007)
(84,714)
-
-
(107,007)
(84,714)
1,100
1,100
(108,107)
(85,814)
(107,007)
(84,714)
**Group**|**2022**
**2021**
**£**
**£**
11,234
20,552
102
102
11,336
20,654
11,402
7,335
183,293
146,964
12,196
45,423
206,891
199,722
(42,124)
(20,726)
164,767
178,996
176,103
199,650
-
-
176,103
199,650
1,100
1,100
175,003
198,550
176,103
199,650
**Charity**|**2022**
**2021**
**£**
**£**
11,234
20,552
102
102
11,336
20,654
11,402
7,335
183,293
146,964
12,196
45,423
206,891
199,722
(42,124)
(20,726)
164,767
178,996
176,103
199,650
-
-
176,103
199,650
1,100
1,100
175,003
198,550
176,103
199,650
**Charity**|
|---|---|---|---|
||||20,654|
||||7,335
146,964
45,423|
||||199,722
(20,726)|
||||178,996|
||||199,650
-|
||||199,650|
||||1,100
198,550|
||||199,650|
Approved by the trustee and signed on its behalf.
Trustee
Date 04 August 2023
**Page 6**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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**
Proceeds from sale of fixed assets
**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**|**2022**
**2021**
**£**
**£**
(1,251)
46,529
(32,530)
(17,171)
1,400
-
(31,130)
(17,171)
(32,381)
29,358
124,024
94,666
91,643
124,024
91,643
124,024
91,643
124,024
**Group**|**2022**
**2021**
**£**
**£**
(34,627)
(29,476)
-
(10,023)
1,400
-
1,400
(10,023)
(33,227)
(39,499)
45,423
84,922
12,196
45,423
12,196
45,423
12,196
45,423
**Charity**|**2022**
**2021**
**£**
**£**
(34,627)
(29,476)
-
(10,023)
1,400
-
1,400
(10,023)
(33,227)
(39,499)
45,423
84,922
12,196
45,423
12,196
45,423
12,196
45,423
**Charity**|
|---|---|---|---|
||||(10,023)|
||||(39,499)
84,922|
||||45,423|
||||45,423|
||||45,423|
|**Reconciliation of net income to net cash flow from operating activities**
**2022**
**2021**
**Note**
**£**
**£**
Net income for the year
(22,293)
3,096
Adjusted for:
Depreciation and impairment of tangible fixed assets
**10,11**
18,360
13,929
Decrease/(increase) in stocks
**13**
(4,625)
52
Decrease/(increase) in debtors
**14**
(636)
6,187
Increase/(decrease) in creditors
**15**
7,943
23,265
21,042
43,433
(1,251)
46,529
**Group**|**2022**
**2021**
**£**
**£**
(23,547)
5,227
7,918
3,844
(4,067)
-
(36,329)
(9,807)
21,398
(28,740)
(11,080)
(34,703)
(34,627)
(29,476)
**Charity**|**2022**
**2021**
**£**
**£**
(23,547)
5,227
7,918
3,844
(4,067)
-
(36,329)
(9,807)
21,398
(28,740)
(11,080)
(34,703)
(34,627)
(29,476)
**Charity**|
|---|---|---|
|||(34,703)|
|||(29,476)|
**Page 7**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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.
## **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.
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.
**Page 8**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **ACCOUNTING POLICIES**
## **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 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
|**1. Donations and legacies**
Donations and gift aid
Legacies|**Unrestricted**
**Funds**
**£**
18,509
-
18,509|**Restricted**
**Funds**
**£**
-
-
-|**2022**
**Total**
**Funds**
**£**
18,509
-
18,509|**Unrestricted**
**Funds**
**£**
9,701
-
9,701|**Restricted**
**Funds**
**£**
-
-
-|**2021**
**Total**
**Funds**
**£**
9,701
-|
|---|---|---|---|---|---|---|
|||||||9,701|
## **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
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**
**£**
166,718
(79,327)
87,391
(43,260)
44,131
-
-
2,667
46,798
(3,436)
-
43,362
(122,247)
(78,885)
(78,785)|**LMRA**
**Facilities**
**Club Limited**
**£**
196,511
(205,191)
(8,680)
(37,635)
(46,315)
-
-
4,207
(42,108)
-
-
(42,108)
(162,117)
(204,225)
(204,223)|**2022**
**Total**
**Funds**
**£**
363,229
(284,518)
78,711
(80,895)
(2,184)
-
-
6,874
4,690
(3,436)
-
1,254
(284,364)
(283,110)
(283,008)|**2021**
**Total**
**Funds**
**£**
227,619
(198,333)|
|---|---|---|---|---|
|||||29,286
(76,256)|
|||||(46,970)
27
-
47,415|
|||||472
(2,603)
-|
|||||(2,131)
(282,233)|
|||||(284,364)|
|||||(284,262)|
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**
**£**
44,705
39,697
15,339
99,741|**Restricted**
**Funds**
**£**
-
-
-
-|**2022**
**Total**
**Funds**
**£**
44,705
39,697
15,339
99,741|**Unrestricted**
**Funds**
**£**
42,582
40,827
16,843
100,252|**Restricted**
**Funds**
**£**
-
-
-
-|**2021**
**Total**
**Funds**
**£**
42,582
40,827
16,843|
|---|---|---|---|---|---|---|
|||||||100,252|
**Page 10**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## **4. Other income**
|Grants and miscellaneous receipts
**5. Raising funds - Seeking donations**
Costs incurred in seeking donations|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
6,268
6,268|**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-|**2022**
**Total**
**Funds**
**£**
-
-
**2022**
**Total**
**Funds**
**£**
6,268
6,268|**Unrestricted**
**Funds**
**£**
2,951
2,951
**Unrestricted**
**Funds**
**£**
525
525|**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-|**2021**
**Total**
**Funds**
**£**
2,951|
|---|---|---|---|---|---|---|
|||||||2,951|
|||||||**2021**
**Total**
**Funds**
**£**
525|
|||||||525|
## **6. Costs of charitable activities**
|**6. Costs of charitable activities**|||||||
|---|---|---|---|---|---|---|
|Shooting
Membership
Governance costs (see note 7)|**Unrestricted**
**Funds**
**£**
83,989
46,957
4,583
135,529|**Restricted**
**Funds**
**£**
-
-
-
-|**2022**
**Total**
**Funds**
**£**
83,989
46,957
4,583
135,529|**Unrestricted**
**Funds**
**£**
73,178
30,930
3,044
107,152|**Restricted**
**Funds**
**£**
-
-
-
-|**2021**
**Total**
**Funds**
**£**
73,178
30,930
3,044|
|||||||107,152|
## **7. Governance costs**
|Independent examiner's fees
Bookkeeping
Other professional fees
Legal fees|**Unrestricted**
**Funds**
**£**
1,600
2,093
890
-
4,583|**Restricted**
**Funds**
**£**
-
-
-
-
-|**2022**
**Total**
**Funds**
**£**
1,600
2,093
890
-
4,583|**Unrestricted**
**Funds**
**£**
1,364
1,680
-
-
3,044|**Restricted**
**Funds**
**£**
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
1,364
1,680
-
-|
|---|---|---|---|---|---|---|
|||||||3,044|
## **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**
**£**
-
-
-
-
-|**2022**
**Total**
**Funds**
**£**
1,275
1,250
300
1,780
4,605|**Unrestricted**
**Funds**
**£**
1,200
1,200
250
1,780
4,430|**Restricted**
**Funds**
**£**
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
1,200
1,200
250
1,780|
|---|---|---|---|---|---|---|
|||||||4,430|
**Page 11**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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 :|**2022**
**Total**
**£**
150,968
4,931
2,459
158,358
**2022**
13
13|**2021**
**Total**
**£**
136,690
4,580
1,897|
|||143,167|
|||**2021**
13|
|||13|
The trustees represent key management personnel for the charity and group. No remuneration was payable to trustees during the year under review nor the comparative year. No trustees (2021: None) were reimbursed travel expenses during the year.
No members of staff earn in excess of £60,000.
There are no further related party transactions requiring disclosure in these accounts.
## **10. Tangible assets - group**
|Cost
Brought forward
Additions
Disposals
Depreciation
Accumulated brought forward
Charge for the year
Net book value carried forward
Net book value brought forward|**Leasehold**
**premises**
**£**
437,945
-
-
437,945
437,944
-
437,944
1
1|**Furniture &**
**equipment**
**£**
290,439
32,530
-
322,969
267,556
18,360
285,916
37,053
22,883|**Challenge**
**cup &**
**trophies**
**£**
1
-
-
1
-
-
-
1
1|**Rifles**
**£**
5,100
-
(1,400)
3,700
-
-
-
3,700
5,100|**Total**
**£**
733,485
32,530
(1,400)|
|---|---|---|---|---|---|
||||||764,615|
||||||705,500
18,360|
||||||723,860|
||||||40,755|
||||||27,985|
**Page 12**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## **11. Tangible assets- Charity**
|Cost
Brought forward
Additions
Disposals
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**
**£**
171,969
-
-
171,969
156,518
7,918
164,436
7,533
15,451|**Challenge**
**cup &**
**trophies**
**£**
1
-
-
1
-
-
-
1
1|**Rifles**
**£**
5,100
-
(1,400)
3,700
-
-
-
3,700
5,100|**Total**
**£**
383,840
-
(1,400)|
|---|---|---|---|---|---|
||||||382,440|
||||||363,288
7,918|
||||||371,206|
||||||11,234|
||||||20,552|
## **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)|**2022**
**2021**
**£**
**£**
100
100
2
2
102
102
**Charity**||
|||102|
## **13. Stocks**
|**13. Stocks**||||
|---|---|---|---|
|Ammunition
Prizes and badges
Other|**2022**
**2021**
**£**
**£**
9,060
4,993
2,342
2,342
5,774
5,216
17,176
12,551
**Group**|**2022**
**2021**
**£**
**£**
9,060
4,993
2,342
2,342
-
-
11,402
7,335
**Charity**||
||||7,335|
## **14. Debtors**
|Trade debtors
Other debtors
Amounts due from subsidiary undertakings
Prepayments|**2022**
**2021**
**£**
**£**
1,519
1,994
583
1,653
-
-
13,710
11,529
15,812
15,176
**Group**|**2022**
**2021**
**£**
**£**
1,199
1,627
-
1,127
174,283
139,960
7,811
4,250
183,293
146,964
**Charity**|**2022**
**2021**
**£**
**£**
1,199
1,627
-
1,127
174,283
139,960
7,811
4,250
183,293
146,964
**Charity**|
|---|---|---|---|
||||146,964|
**Page 13**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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|**2022**
**2021**
**£**
**£**
32,890
5,979
182,750
182,750
-
-
12,269
7,628
38,848
61,376
5,636
6,717
272,393
264,450
**Group**|**2022**
**2021**
**£**
**£**
19,585
1,467
-
**-**
-
-
2,432
2,077
19,762
16,677
345
505
42,124
20,726
**Charity**|**2022**
**2021**
**£**
**£**
19,585
1,467
-
**-**
-
-
2,432
2,077
19,762
16,677
345
505
42,124
20,726
**Charity**|
|---|---|---|---|
||||20,726|
## **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|**2022**
**2021**
**£**
**£**
-
-
-
-
**Group**|**2022**
**2021**
**£**
**£**
-
-
-
-
**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**
**£**
40,755
17,176
15,812
90,543
(272,393)
-
(108,107)|**Restricted**
**Funds**
**£**
-
-
-
1,100
-
-
1,100|**2022**
**Total**
**Funds**
**£**
40,755
17,176
15,812
91,643
(272,393)
-
(107,007)|**2021**
**Total**
**Funds**
**£**
27,985
12,551
15,176
124,024
(264,450)
-|
|||||(84,714)|
## **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**
**£**
11,234
102
11,402
183,293
11,096
(42,124)
175,003|**Restricted**
**Funds**
**£**
-
-
-
-
1,100
-
1,100|**2022**
**Total**
**Funds**
**£**
11,234
102
11,402
183,293
12,196
(42,124)
176,103|**2021**
**Total**
**Funds**
**£**
20,552
102
7,335
146,964
45,423
(20,726)|
|---|---|---|---|---|
|||||199,650|
**Page 14**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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
198,550
General funds - LMRA Trading Limited
(122,247)
General funds - LMRA Facilities Club Limited
(162,117)
Total unrestricted funds
(85,814)
**Total funds**
(84,714)
**Total funds**
**brought**
**forward**
**£**
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
193,323
General funds - LMRA Trading Limited
(142,134)
General funds - LMRA Facilities Club Limited
(140,099)
Total unrestricted funds
(88,910)
**Total funds**
(87,810)|**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
198,550
General funds - LMRA Trading Limited
(122,247)
General funds - LMRA Facilities Club Limited
(162,117)
Total unrestricted funds
(85,814)
**Total funds**
(84,714)
**Total funds**
**brought**
**forward**
**£**
Restricted funds
Young shooters' fund
1,100
Total restricted funds
1,100
Unrestricted funds
General funds - Charity
193,323
General funds - LMRA Trading Limited
(142,134)
General funds - LMRA Facilities Club Limited
(140,099)
Total unrestricted funds
(88,910)
**Total funds**
(87,810)|**Year ended 31 December 2022**|**Year ended 31 December 2022**|**Year ended 31 December 2022**||
|---|---|---|---|---|---|
||**Total funds**
**brought**
**forward**
**£**
1,100
1,100
198,550
(122,247)
(162,117)
(85,814)
(84,714)|**Total**
**Total**
**Transfers**
**incoming**
**resources**
**between**
**resources**
**expended**
**funds**
**£**
**£**
**£**
-
-
-
-
-
-
118,250
(141,797)
-
169,385
(126,023)
-
200,718
(242,826)
-
488,353
(510,646)
-
488,353
(510,646)
-
**Year ended 31 December 2021**|||**Total funds**
**carried**
**forward**
**£**
1,100|
||||||1,100|
||||||175,003
(78,885)
(204,225)|
||||||(108,107)|
|||||||
||||||(107,007)|
|||||||
||**Total funds**
**brought**
**forward**
**£**
1,100
1,100
193,323
(142,134)
(140,099)
(88,910)
(87,810)|**Total**
**incoming**
**resources**
**£**
-
-
112,904
103,035
172,026
387,965
387,965|**Total**
**resources**
**expended**
**£**
-
-
(107,677)
(83,148)
(194,044)
(384,869)
(384,869)|**Transfers**
**between**
**funds**
**£**
-
-
-
-
-
-
-|**Total funds**
**carried**
**forward**
**£**
1,100|
||||||1,100|
||||||198,550
(122,247)
(162,117)|
||||||(85,814)|
|||||||
||||||(84,714)|
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**
**£**
118,250
(141,797)
(23,547)|**Restricted**
**Funds**
**£**
-
-
-|**2022**
**Total**
**Funds**
**£**
118,250
(141,797)
(23,547)|**Unrestricted**
**Funds**
**£**
112,904
(107,677)
5,227|**Restricted**
**Funds**
**£**
-
-
-|**2021**
**Total**
**Funds**
**£**
112,904
(107,677)|
|||||||5,227|
**Page 15**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **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|**2022**
**2021**
**£**
**£**
1,519
1,994
-
-
583
1,653
2,102
3,647
-
-
-
-
32,890
5,979
182,750
182,750
12,269
7,628
227,909
196,357
**Group**|**2022**
**2021**
**£**
**£**
1,199
1,627
174,283
139,960
-
1,127
175,482
142,714
102
102
102
102
19,585
1,467
-
-
2,432
2,077
22,017
3,544
**Charity**||
||||142,714|
||||102|
||||102|
||||1,467
-
2,077|
||||3,544|
**Page 16**
## **THE LONDON AND MIDDLESEX RIFLE ASSOCIATION**
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## **Detailed group income and expenditure**
(This page does not form part of the independently examined 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 before tax|**2022**
**£**
18,509
39,697
18,071
15,339
85,716
91,988
166,718
7,610
443,648
5,904
28,009
-
2,650
27,728
2,220
2,847
-
2,941
464
134
1,600
-
2,983
2,330
9,000
7,918
364
242,826
126,023
-
465,941
(22,293)|**2021**
**£**
9,702
40,827
10,531
16,843
55,507
75,008
85,549
51,416|
|||345,383|
|||-
22,809
-
(4,415)
14,648
2,102
3,117
-
11,687
184
268
1,364
-
1,680
1,590
5,692
3,844
525
194,044
83,148
-|
|||342,287|
|||3,096|
**Page 17**