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2022-03-31-accounts

Trustees’ Annual Report for the period

From 01 April 2021 Period start date To 31 March 2022 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.
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 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.
The Charity continues to provide training
facilities to Imperial College.
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 2021-2022 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
objectives set		 Para 1.41
Performance of fundraising
activities against objectives
set		 Para 1.41
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 £330,000.
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		 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 Para 1.51 training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties 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 (ifany)
Angela Fox Chairman Membership at AGM/
12mos
Tristan Jarrett Treasurer Membership at AGM/
12mos
Emma
McNiven		 Deputy Secretary Membership at AGM/
12mos
Richard Grant Deputy Chair Membership at AGM/
12mos
Gaurav Sarin Secretary

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

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) Gaurav Sarin Position (eg Secretary, Secretary Chair, etc) Date 10/10/2023

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2022

Stock Exchange Rifle Club

Registered charity : 279011

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2022

Income & Expenditure account for the year ended 31 March 2022

Unrestricted
funds
Notes
£
Incoming resources
Bisley activity
2
-
London Bridge Range activity
3
4,104
Donations & Legacies
44,789
Interest receivable
2
Investment income
1,071
Income from Rifle & Revolver Club
4
4,888
Total incoming resources
54,854
Charitable expenditure
Bisley activity
2
-
London Bridge Range activity
3
(20,673)
Other costs of administering the charity
5
(11,155)
Transfer between funds
-
Total charitable expenditure
(31,828)
Net income/ (expenditure)
23,026
Investment funds revaluation gain/ (loss)
6, 7
1,249
Net recognised increase/ (decrease) in funds
24,275
Funds brought forward
296,064
Funds carried forward
320,339		 Restricted
funds
£
-
-
-
9
498
-
507
-
-
-
-
-
507
(2,091)
(1,584)
189,382
187,798		 Total funds
2022
£
-
4,104
44,789
11
1,569
4,888
55,361
-
(20,673)
(11,155)
-
(31,828)
23,533
(842)
22,691
485,446
508,137		 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

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2022

Balance Sheet as at 31 March 2022

Notes
Fixed assets
Investments
6, 7
Leasehold improvements
8
Current assets
Stock
Cash float
Cash in current account
Cash in Lloyds deposit account
Cash at COIF
Creditors: amounts falling due within one
year
9
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds
Restricted funds
Inglis
Hoskier
Schiff
Lease Redemption
Paul/ Tucker		 Unrestricted funds
£
25,963
149,372
175,335
4,830
55
140,419
-
-
145,304
(300)
145,004
320,339
320,339
-
-
-
-
-
320,339		 Restricted funds
£
117,015
-
117,015
-
-
63,128
4,010
3,645
70,783
-
70,783
187,798
-
7,221
6,918
4,192
165,458
4,009
187,798		 Total funds
2022
£
142,978
149,372
292,350
4,830
55
203,547
4,010
3,645
216,087
(300)
215,787
508,137
320,339
7,221
6,918
4,192
165,458
4,009
508,137		 2021
£
143,820
159,020
302,840
6,533
55
168,874
4,002
3,645
183,109
(502)
182,607
485,446
296,064
6,618
6,621
4,013
168,130
4,000
485,446

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2022

Notes forming part of the financial statements for the year ended 31 March 2022

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 2022

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		 £
-
4,104
-
-
4,104
£
17,405
56
1,620
240
-
110
-
76
1,165
20,673

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
6
Investments- movement in unrestricted funds
General A fund
No of
Units
M & G Charifund Income Shares
1,428
Charinco Income Shares
1,972		 £
9,648
460
406
-
98
639
-
-
23
-
(119)
11,155
Market value at 31
March 2021
Revaluation gain/
loss
£
24,714
1,249
24,714
1,249
Historical
31st March 2022
Cost
Unit Price
£
£
10,196
15.80
3,429
1.73
13,625		 Market value at 31
March 2022
£
25,963
25,963
Total
£
22,558
3,405
25,963

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2022

7 Investments - movement in restricted funds

Inglis
Hoskier
Schiff
Lease redemption		 Market value at
31 March 2021
Disposal (at value
b/fwd)
Revaluation gain/
loss
Market value at 31
March 2022
£
£
6,421
325
6,746
3,169
160
3,329
1,906
96
2,002
107,610
(2,672)
104,938
119,106
-
(2,091)
117,015

Cash in restricted funds

Inglis
Hoskier
Schiff
Paul/Tucker
Lease redemption fund
Total		 As at 31
March 2021
Transfer of
funds
Income
Expenditure
As at 31 March
2022
£
197
278
475
3,452
137
3,589
2,107
83
2,190
4,000
-
4,000
60,520
-
60,520
70,276
-
498
-
70,774

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
M & G Charifund Income Shares
110
Charinco Income Shares
153
Cash due from General Fund		 Historical
31st March 2022
Cost
Unit Price
£
£
2,643
15.80
891
1.73
3,534
Historical
31st March 2022
Cost
Unit Price
£
£
1,300
15.80
440
1.73
1,740
Historical
31st March 2022
Cost
Unit Price
£
£
782
15.80
266
1.73
1,048		 Total
£
5,861
885
475
7,221
Total
£
2,891
438
3,589
6,918
Total
£
1,738
264
2,190
4,192

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2022

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 2021
Profit/ loss
Value of fund at 31 March 2022
Represented by:
Cash
8
Leasehold improvements
Cost at 1 April 2021 and at 31 March 2022
Depreciation at 1 April 2021
Charge in the year
Depreciation at 31 March 2022
Net book value at 31 March 2022
Net book value at 31 March 2021		 Historical
Cost
£
34,444
17,488
51,931
4,009
4,009		 31st March 2022
Unit Price
£
23.64
50.19
75,682
9,648		 Total
£
16,890
88,048
104,938
£
4,000
9
4,009
£
234,702
(85,330)
149,372
159,020

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 Creditors

Accruals
Accountancy		 B/fwd
Increase
Paid/ released
C/fwd
802
-
(502)
300
802
-
(502)
300

Re ort of the Inde endent Examiner to the Trustees of the St¢)ck Exchan e Rffle Club I report on the accounts of the above charitable trust for the yèar ended 31 March 2022. Respective responslbilities of trustees and axaminer The charity s trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of Ihe Charities Act 2011 {'the Charities Act.) and that an independent examination is needed. 11 is my responsibility to- a) examine the accounts under section 145 of the Charities Act b) to follow the pr¢xedures laid down in the general Directions giv8n by the Commission under section 14515Mb) of the Charities Act. and c) to stale whether particular matters have com8 to my attention. Basis of Independent oxaminerfs report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a revièw of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees conceming any such matters. Th8 procedures 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 fairf view. and the report is limited to those matters set out in the statement below. Indopondent examlnorfs Statement In connection with my examination. no other matter has come lo my attention.. . 1) which gives me reasonable cause to believe that. in any material respect, the requirements.. a) lo keep accounting records in accordance with section 130 of the Charities Act and b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charits'es Act. have not be8n met,. or 2) to which. in my opinion. attenlion should be drawn in order to enable a proper understanding of the accounts to be reached. LOD Andrew Ormondroyd FCA Fox Jennings Cullen Accountants & Business Advisers Tarn House, 77 High Street, Yeadon, Leeds LS19 7SP 15 September 2023