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2021-03-31-accounts

Trustees’ Annual Report for the period

From 01 April 2020 Period start date To 31 March 2021 Period end date

Charity name: Stock Exchange Rifle Club

Charity registration number: 279011

Objectives and Activities

SORP reference
Summary of the purposes of
the charity as set out in its
governing document		 Para 1.17 To promote the instruction, training and
practise of both rifle and pistol shooting
amongst members with a view to raising the
standard of shooting amongst Her Majesty’s
subjects for the better defence of the
Realm.
Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.		 Para 1.17 and
1.19		 Members are able to use club equipment at
the Charity’s indoor firearms and air ranges
in the City of London.
Here they receive tuition from qualified Club
Instructors in small-bore, lightweight
sporting rifle, gallery rifle and air pistol/air
rifle disciplines.
The Charity has access to facilities at Bisley
where full-bore target shooting is
undertaken and member have access to
equipment they require. Members receive
tuition to improve their full-bore target
accuracy.
The Charity offers student membership in
order to encourage those in full-time
education to join a club where they can
develop and improve the skills necessary
for accurate, responsible and disciplined
target shooting.
The Charity’s premises are accessible to
those who have reduced mobility in order to
allow as wide a range of people as possible
to benefit from the Charity’s activities.
The Charity actively supports Brentwood
School Combined Cadet Force, donating
equipment and volunteer time.
Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit		 Para 1.18 The Trustees are aware of the guidance
issued by the Charity Commission.

Additional information (optional)

You may choose to include further statements where relevant about:

SORP reference Para 1.38 Policy on grant making Para 1.38 Policy on social investment including program related investment Para 1.38 Contribution made by volunteers Other

Achievements and Performance

SORP reference

Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.		 Para 1.20 The Charity continues to enthusiastically
pursue its objectives of promoting the
instruction, training and practice of both rifle
and (air) pistol shooting amongst members
by providing facilities, equipment and
training to Charity members in support of
both its originally established purpose, and
the associated purpose of developing
members’ mental and physical skills to
enable them to compete in national and
international competition.
The Charity has teams participating in
national air rifle, air pistol and small-bore
rifle postal leagues run by the National
Smallbore Rifle Association and the fullbore
target rifle leagues run by the London and
Middlesex Rifle Association at Bisley.
In addition the Charity vies with other
charities and clubs with with similar
objectives to represent London and Home
Counties at National level, and has a
number of members who now represent
Great Britain at an International level,
including one who has represented his
country at the Olympics.
The Charity continues to provide training
facilities to Imperial College.
The Charity donated equipment and
volunteer time to Brentwood School CCF,
and continues to support them with
volunteer time on a regular basis.
The Charity has increased its number of
qualified Club Instructors to the benefit of all
members of the Club.
The Charity has maintained its membership
during the period 2020-2021 despite the
challenges of the Covid-19 pandemic, which
is a testament to the hard work of our
Council and volunteers.

Additional information (optional)

You may choose to include further statements where relevant about:

Achievements against Para 1.41 objectives set Performance of fundraising activities against objectives Para 1.41 set

Investment performance
against objectives
Para 1.41
Other

Financial Review

Financial Review
Review of the charity’s
financial position at the end
of the period		 Para 1.21 The accounts are in good health and the
financial position remains strong
Statement explaining the
policy for holding reserves
stating why they are held		 Para 1.22 Investments can be placed at the discretion
of the Finance Sub-Committee. Investments
should not be placed in any products or
vehicles which expose the Club’s reserves
to excessive or unnecessary risk.
Investments should not be made in
products or vehicles without due
consideration to their relative liquidity and
the potential impact on the Club’s ability to
meet its short-term liabilities. All decisions
around investments should be reported by
the Finance Sub-Committee to the rest of
the Committee.
Amount of reserves held Para 1.22 Approx. £295,000
Reasons for holding zero
reserves		 Para 1.22 N/A
Details of fund materially in
deficit		 Para 1.24 N/A
Explanation of any
uncertainties about the
charity continuing as a going
concern		 Para 1.23 Currently there are no uncertainties about
the charity continuing as a going concern.

Additional information (optional)

You may choose to include further statements where relevant about:

The charity’s principal
sources of funds (including
any fundraising)		 Para 1.47
Investment policy and
objectives including any
social investment policy
adopted		 Para 1.46
A description of the principal
risks facing the charity		 Para 1.46
Other

Structure, Governance and Management

Description of charity’s
trusts:
Type of governing document
(trust deed, royal charter)		 Para 1.25 Trust Deed
How is the charity
constituted?
(e.g unincorporated
association, CIO)		 Para 1.25 Trust
Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees		 Para 1.25 Election by Members at AGM

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures
adopted for the induction
and training of trustees		 Para 1.51
The charity’s organisational
structure and any wider
network with which the
charity works		 Para 1.51
Relationship with any related
parties		 Para 1.51
Other

Reference and Administrative details

Charity name Stock Exchange Rifle Club
Other name the charity uses N/A
Registered charity number 279011
Charity’s principal address
1A London Bridge, London SE1 8BG
(NOT TO BE USED FOR CORRESPONDENCE)

Names of the charity trustees who manage the charity

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20		 Trustee name Office (if any) Dates acted if not for
whole year		 Name of person (or body)
entitled to appoint trustee
(if any)
Paul Tooley Chairman Membership at AGM/
12mos
Angela Fox Deputy
Chairman		 Membership at AGM/
12mos
Emma
McNiven		 Secretary Membership at AGM/
12mos
Ivan Heard Treasurer Membership at AGM/
12mos
Tobias Backer-
Dirks		 Shooting Officer Membership at AGM/
5yrs
Chris Lee Kim Child Protection
Officer		 Membership at AGM/
5yrs
Rhys Atkinson Membership at AGM/
5yrs
Sundeep
Gottipalli		 Membership at AGM/
5yrs
Kate Penrose Membership at AGM/
5yrs
Jonathan
Mullins		 Membership at AGM/
5yrs
Robert Wright Membership at AGM/
5yrs
Richard Grant Membership at AGM/
5yrs
Jonathan
Hervey		 Membership at AGM/
5yrs

Corporate trustees – names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

Funds held as custodian trustees on behalf of others

Description of the assets
held in this capacity		 none
Name and objects of the
charity on whose behalf the
assets are held and how this
falls within the custodian
charity’s objects		 none
Details of arrangements for
safe custody and
segregation of such assets
from the charity’s own assets		 N/A

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Emma McNiven

Position (eg Secretary Secretary, Chair, etc)

Date 01.10.21

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

Stock Exchange Rifle Club

Registered charity : 279011

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

Income & Expenditure account for the year ended 31 March 2021

Unrestricted
funds
Notes
£
Incoming resources
Bisley activity
2
-
London Bridge Range activity
3
211
Donations & Legacies
36,906
Interest receivable
4
Investment income
7
921
Income from Rifle & Revolver Club
4
4,350
Total incoming resources
42,392
Charitable expenditure
Bisley activity
2
-
London Bridge Range activity
3
(19,630)
Other costs of administering the charity
5
(11,693)
Transfer between funds
-
Total charitable expenditure
(31,323)
Net income/ (expenditure)
11,069
Investment funds revaluation gain/ (loss)
6, 7
3,864
Net recognised increase/ (decrease) in funds
14,933
Funds brought forward
281,131
Funds carried forward
296,064		 Restricted
funds
£
-
-
-
-
429
-
429
-
-
-
-
-
429
6,578
7,007
182,376
189,383		 Total funds
2021
£
-
211
36,906
4
1,350
4,350
42,821
-
(19,630)
(11,693)
-
(31,323)
11,498
10,442
21,940
463,507
485,447		 Total funds
2020
£
-
6,324
59,260
22
1,747
5,490
72,843
490
(40,627)
(11,972)
-
(52,109)
20,734
(5,166)
15,568
447,939
463,507

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

Balance Sheet as at 31 March 2021

Notes
Fixed assets
Investments
6, 7
Leasehold improvements
8
Current assets
Stock
Debtors
9
Cash float
Cash in current account
Cash in Lloyds deposit account
Cash at COIF
Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds
Restricted funds
Inglis
Hoskier
Schiff
Lease Redemption
Paul/ Tucker		 Unrestricted funds
£
24,714
159,020
183,734
6,533
-
55
106,245
-
-
112,833
(502)
112,331
296,065
296,065
-
-
-
-
-
296,065		 Restricted funds
£
119,106
-
119,106
-
-
-
62,629
4,002
3,645
70,276
-
70,276
189,382
-
6,618
6,621
4,013
168,130
4,000
189,382		 Total funds
2021
£
143,820
159,020
302,840
6,533
-
55
168,874
4,002
3,645
183,109
(502)
182,607
485,446
296,065
6,618
6,621
4,013
168,130
4,000
485,446		 2020
£
133,378
168,668
302,046
7,087
-
55
146,923
4,001
3,645
161,711
(250)
161,461
463,507
281,131
5,375
6,007
3,644
163,350
4,000
463,507

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021

1 Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and with the Charities Act 2011.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.

Recognition of income

Income is included in the Income and expenditure account when:

Income from interest, royalties and dividends

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Income from membership subscriptions

Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies.

Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

Tangible fixed assets for use by charity

These are initially valued at cost and subsequently depreciated using the rates and methods disclosed in note 8.

Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end.

Stocks

Stocks held for sale as part of non-charitable trade are measured at the lower of cost or net realisable value. Goods or services provided as part of a charitable activity are measured at net realisable value based on the service potential provided by items of stock.

Debtors

Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the value of cash or other consideration expected to be received.

Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

2

- - Bisley full bore activity analysis of income and expenditure

Income £ Match fees - - Expenditure £ - Astor entry Ammunition -

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

3

- London Bridge Range activity analysis of income and expenditure

Income
Range fees
Ammunition sales
Sling / Badges sales
Other
Expenditure
London Bridge Range rent & rates
iZettle Fees
Ammunition
Equipment
Cleaning
Targets
Competition costs
Slings / Badges
Coaching / Range Officer		 £
-
210
-
1
211
£
16,765
4
470
524
30
32
29
76
1,700
19,630

4

Income from Rifle and Revolver Club

This income is from the Rifle & Revolver Club which held the lease of St Alphage House. The Rifle & Revolver Club is a charitable trust and has the Stock Exchange Rifle Club as its only beneficiary. As the lease of St Alphage House is no longer held, the trustees of the Rifle & Revolver Club decided to distribute income from its funds to the Stock Exchange Rifle Club.

5 Other costs

Depreciation of leasehold improvements
LMRA fees
NRA fees
Postage
Accounts examiner
Insurance
Home Office fees
Course fees
Trustee expenses
Bad debts
Sundry		 £
9,648
780
386
2
252
603
-
-
23
-
-
11,693

6

Investments - movement in unrestricted funds

General A fund
No of
Units		 Market value at 31
March 2020
Revaluation gain/
loss
Market value at 31
March 2021
£
£
20,850
3,864
24,714
20,850
3,864
24,714
Historical
31st March 2021
Cost
Unit Price
Total
£
£
£

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

M & G Charifund Income Shares
1,428
Charinco Income Shares
1,972		 10,196
14.72
3,429
1.87
13,625		 21,026
3,688
24,714

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

7 Investments - movement in restricted funds

Inglis
Hoskier
Schiff
Lease redemption		 Market value at
31 March 2020
Disposal (at value
b/fwd)
Revaluation gain/
loss
Market value at 31
March 2021
£
£
5,417
1,004
6,421
2,673
496
3,169
1,608
298
1,906
102,830
4,780
107,610
112,528
-
6,578
119,106

Cash in restricted funds

Inglis
Hoskier
Schiff
Paul/Tucker
Lease redemption fund
Total		 As at 31
March 2020
Transfer of
funds
Income
Expenditure
As at 31 March
2021
£
(42)
239
-
197
3,334
118
3,452
2,036
71
2,107
4,000
4,000
60,520
60,520
69,848
-
428
-
70,276

The income from the Inglis Fund is used to pay the costs of affiliation with the LMRA.

The Hoskier Rifle was founded at the commencement of the club by the relatives and friends of the late Frank Harold Hoskier, a member of the 3rd Middlesex Artillery Volunteers, who was killed in action near Stormberg South Africa on 23rd February 1900. A fund was established to purchase a rifle for the annual winner of the competition. As of today the rule is that you must use the cash to purchase rifle equipment. No claims have been made on the Hoskier Rifle Fund for several years.

The Paul/Tucker Prize Fund was established by Chris Paul and Hamish Tucker to assist younger shooters and to ensure that SERC members recognised the club on their entries to the the Imperial Meeting.

Sir Robert W Inglis Legacy (or "B" Account)

No of
Units
M & G Charifund Income Shares
371
Charinco Income Shares
512
Cash due from General Fund
Hoskier Rifle Prize Fund
No of
Units
M & G Charifund Income Shares
183
Charinco Income Shares
253
Cash due from General Fund
Schiff Cup Fund
No of
Units		 Historical
31st March 2021
Cost
Unit Price
£
£
2,643
14.72
891
1.87
3,534
Historical
31st March 2021
Cost
Unit Price
£
£
1,300
14.72
440
1.87
1,740
Historical
31st March 2021
Cost
Unit Price
£
£		 Total
£
5,463
958
197
6,618
Total
£
2,695
474
3,452
6,621
Total
£

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

M & G Charifund Income Shares
110
Charinco Income Shares
153
Cash due from General Fund		 782
14.72
266
1.87
1,048		 1,620
286
2,107
4,013

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

7 (continued…) Investments - movement in restricted funds

Lease Redemption Fund

No of
Units
Charishare Accumulation Units
714
Charinco Accumulation Units
1,754
Paul/Tucker Prize Fund
Value of fund at 31 March 2020
Profit/ loss
Value of fund at 31 March 2021
Represented by:
Cash
8
Leasehold improvements
Cost at 1 April 2020 and at 31 March 2021
Depreciation at 1 April 2020
Charge in the year
Depreciation at 31 March 2021
Net book value at 31 March 2021
Net book value at 31 March 2020		 Historical
Cost
£
34,444
17,488
51,931
4,000
4,000		 31st March 2021
Unit Price
£
21.31
52.66
66,034
9,648		 Total
£
15,225
92,385
107,610
£
4,000
-
4,000
£
234,702
(75,682)
159,020
168,668

Leasehold improvements relate to expenditure on the new range constructed at London Bridge which the Club has occupied since February 2013.

Leasehold improvements are depreciated in a straight line over the life of the lease. The lease was granted for 25 years and ends in 2037.

9 Debtors

Description B/fwd Increase Received/ released C/fwd - - - - Range hire (universities) - - - - Sundry debtors - - - -

10 Creditors

B/fwd Increase Paid/ released C/fwd Accruals Accountancy 250 252 - 502

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2021

250 252 - 502

ort of the Inde endenl Examiner to the Trustees of the Stod( Exchan e Rffle Club I report on the accounts of the above charitable trust for the year ended 31 March 2021. Re8PaCtive responslbilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounls. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 {'the Charities Act.) and Ihat an independent examinalion is needed. It is my reswnsibility to= a) examine the accounts under section 145 of the Charities Act b) lo follow the procedures laid down in thè general Directions given by the Commission under section 145{5Xb) of the Charities Act. and c) to slate whether particular matters have come lo my attention. Basls ol Independent examlnerfs report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts pr8senled with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from the trustees Concerning any such matt8rs. The proc8dures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair. view and the report is limited to those matters set out in the statement below. Independent examlnttrfs statement In connection with my examination, no other matter has come to my attention.'- 1) which gives me reasonable Cause to believe that, in any material r8spect, the requirements.. a) to keep accounting records in accordance with section 130 of the Charities Act and b) to prepare accounts which accord with the accounting re¢ords and comply with the accounting requirements of the Charities Act: have not been mel- or 2) to which, in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Andrew Omiondroyd FCA Fox Jennings Cullen Accountants & Business Advisers Tam House. 77 High Street, Yeadon, Leeds LS19 7SP 17 March 2022