## **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: - the charity becomes entitled to the resources - it is more likely than not that the trustees will receive the resources; and - the monetary value can be measured with sufficient reliability. ## **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