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2024-03-31-accounts

Trustees’ Annual Report for the period

From 01 April 2023 Period start date To 31 March 2024 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
practice of both rifle and pistol shooting
amongst members with a view to raising
the standard of shooting amongst His
Majesty’s subjects.
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 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
Policy on grant making Para 1.38
Policy on social investment
including program related
investment		 Para 1.38
Contribution made by
volunteers		 Para 1.38 Volunteers give their time as skilled shots
to help others as well as to help run the
operations of the charity. Ad-hoc donations
are also accepted in the form of equipment,
gifts etc.
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 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 competitions.
The Charity has teams participating in
national air rifle, air pistol and small-bore
rifle postal leagues run by the National
Smallbore Rifle Association, other County
Leagues 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 has increased its number of
Club Instructors and Range Safety Officers
for the benefit of all members of the Club.

The Charity has maintained its membership during the period 2023-2024 as we recover from the challenges of the Covid-19 pandemic, which is a testament to the hard work of our Committee, 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 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 Para 1.51 and 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 20/03/2024

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Stock Exchange Rifle Club

Registered charity : 279011

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Income & Expenditure account for the year ended 31 March 2024

Unrestricted
funds
Notes
£
Incoming resources
Membership fees
36,546
Ammo / Misc sales
6,823
Investment income
5, 6
3,210
Grants and donations
-
Total incoming resources
46,579
Charitable expenditure
Rent
(19,200)
Utilities
(2,739)
Misc costs
(18,422)
Depreciation
(9,648)
Insurance
(721)
LMRA fees
(840)
Total charitable expenditure
(51,570)
Net income/ (expenditure)
(4,991)
Investment funds revaluation gain/ (loss)
5, 6
(431)
Net recognised increase/ (decrease) in funds
(5,422)
Funds brought forward
319,333
Funds carried forward
313,910		 Restricted
funds
£
-
-
7,284
101,601
108,885
-
-
-
-
-
-
-
108,885
6,505
115,390
178,266
293,656		 Total funds
2024
£
36,546
6,823
10,494
101,601
155,464
(19,200)
(2,739)
(18,422)
(9,648)
(721)
(840)
(51,570)
103,894
6,074
109,968
497,599
607,567		 Total funds
2023
£
29,846
7,193
7,245
-
44,284
(19,200)
(5,239)
(7,643)
(9,648)
(678)
(460)
(42,868)
1,415
(11,953)
(10,538)
508,137
497,599

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Balance Sheet as at 31 March 2024

Notes
Fixed assets
Investments
5, 6
Leasehold improvements
7
Current assets
Stock
Prepayments
Cash and Cash equivalents
Creditors: amounts falling due within one year
8
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds
Restricted funds
Inglis
Hoskier
Schiff
Lease Redemption
Paul/ Tucker		 Unrestricted
funds
£
23,666
130,074
153,740
3,314
-
157,156
160,470
(300)
160,170
313,910
313,910
-
-
-
-
-
313,910		 Restricted
funds
£
215,034
-
215,034
-
-
78,622
78,622
-
78,622
293,656
-
7,283
6,948
4,211
271,204
4,010
293,656		 Total funds
2024
£
238,700
130,074
368,774
3,314
-
235,778
239,092
(300)
238,792
607,566
313,910
7,283
6,948
4,211
271,204
4,010
607,566		 Total funds
2023
£
131,025
139,723
270,748
4,872
5,601
216,678
227,151
(300)
226,851
497,599
319,333
7,046
6,831
4,139
156,241
4,010
497,599

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Notes forming part of the financial statements for the year ended 31 March 2024

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

Investment income

Investment income arises from a variety of sources.

Firstly is interest earned on cash deposits. Secondly, the club has invested into various income funds that pay a regular dividend. Thirdly is 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.

As detailed within note 6, the Rifle & Revolver Club disvolved within 2023 and passed its' assets, on 11th October 2023, onto the Stock Exchange Rifle Club.

3

Rent

Rent is payable to the City of London Corporation. As of the reporting date, the annual rent for the premise is £32,000 which is subject to further rent reviews. The rental cost is shared with Marylebone Rifle & Pistol Club ('MRPC') who also use the premises. 20% VAT is payable on the rent leading to an annual charge of £19,200 for the year.

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

4

Misc costs

Misc costs comprise of all remaining expenses not covered in other line items. This includes: Range Officer expenses, purchases of ammunition, purchases of targets, membership fees (NRA & LMRA), related compliance fees, stationary, accountancy costs, and all other miscellaneous items.

Range offices are re-imbursed for expenses at the rate of £10 an hour, leading to a estimated charge of c.£4,000 per year. Accountancy fees relating to the annual verification of the accounts, performed by Fox Jennings, is £300.

5

Investments - movement in unrestricted funds

General A fund (AAC)
M & G Charifund Income Shares
BLK Charities UK Bond Fund A Inc
6
Investments- movement in restricted funds
Inglis
Hoskier
Schiff
Lease redemption
Cash in restricted funds
As at 31
March 2023
£
Inglis
785
Hoskier
3,742
Schiff
2,282
Paul/Tucker
4,010
Lease redemption fund
60,520
Total
71,338		 No of
Units
1,428
1,972
As at 31 March
2023
£
6,261
3,089
1,857
95,721
106,928
Transfer of
funds
-		 As at 31 March 2023
Revaluation gain/
loss
Market value at 31
March 2024
£
£
24,097
(431)
23,666
24,097
(431)
23,666
Historical
31st March 2024
Cost
Unit Price
Total
£
£
£
10,196
14.56
20,793
3,429
1.46
2,873
13,625
23,666

Addition (at value
b/fwd)
Revaluation gain/
loss
Market value at 31
March 2024
£
(113)
6,148
(55)
3,034
(32)
1,825
101,601
6,705
204,027
101,601
6,505
215,034
Income
Expenditure
As at 31 March
2024
350
1,135
173
3,914
104
2,386
-
4,010
6,657
67,177
7,284
-
78,622
Inglis
Hoskier
Schiff
Lease redemption
Cash in restricted funds
Inglis
Hoskier
Schiff
Paul/Tucker
Lease redemption fund
Total

The income from the Inglis Fund is used to pay the costs of affiliation with the LMRA. It was agreed by the management committee that a claim against the fund will be made on the 1st of April 2024 and the investment will be transferred to the general account.

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.

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

6 (continued…)

On the 11th October 2023, the Rifle & Revolver Club dissolved. As its' sole beneficiary, all of the charities' assets were transferred to the Stock Exchange Rifle Club and this has been recorded within the accounts as a donation. The donation comprised of 6,000 Charifund Income Shares and 16,000 Charibond Income Shares which had a value, on the transfer date, of £84,673.20 and £16,928.00 respectively.

Investments - movement in restricted funds

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

No of
Units
M & G Charifund Income Shares
371
BLK Charities UK Bond Fund A Inc
512
Cash due from General Fund
Hoskier Rifle Prize Fund
No of
Units
M & G Charifund Income Shares
183
BLK Charities UK Bond Fund A Inc
253
Cash due from General Fund
Schiff Cup Fund
No of
Units
M & G Charifund Income Shares
110
BLK Charities UK Bond Fund A Inc
153
Cash due from General Fund
Lease Redemption Fund
No of
Units
BLK Charities UK Equity Fund A Acc
714
BLK Charities UK Bond Fund A Acc
1,754
M & G Charifund Income Shares
6,000
M & G Charibond Income Shares
16,000
Paul/Tucker Prize Fund
Value of fund at 31 March 2023
Profit/ loss
Value of fund at 31 March 2024
Represented by:
Cash		 Historical
31st March 2024
Cost
Unit Price
£
£
2,643
14.56
891
1.46
3,534
Historical
31st March 2024
Cost
Unit Price
£
£
1,300
14.56
440
1.46
1,740
Historical
31st March 2024
Cost
Unit Price
£
£
782
14.56
266
1.46
1,048
Historical
31st March 2024
Cost
Unit Price
£
£
34,444
25.81
17,488
45.92
84,673
14.56
16,928
1.10
153,533		 Total
£
5,402
746
1,135
7,283
Total
£
2,665
369
3,914
6,948
Total
£
1,602
223
2,386
4,211
Total
£
18,441
80,551
87,365
17,670
204,027
£
4,010
4,010
4,010
4,010

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

7

Leasehold improvements
Cost at 1 April 2023 and at 31 March 2024
Depreciation at 1 April 2023
Charge in the year
Depreciation at 31 March 2024
Net book value at 31 March 2024
Net book value at 31 March 2023		 94,980
9,648		 £
234,702
(104,628)
130,074
139,722

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.

8 Creditors

Accruals
Accountancy		 B/fwd
Increase
Paid/ released
C/fwd
600
-
(300)
300
600
-
(300)
300

rt of the Inde ndent Examiner to the Trustees of the Stock Exchan e Rifle Club I report on the accounts of the above charitable trust for the year ended 31 March 2024. Respoctive rosponsibilities of trustees and examinar The charity's trustees are responsible for the preparation of th8 accounts. The harity's trustees consider that an audtt is not required for this year under section 144 of the Charities Act 2011 ("the Chartties A¢f) and that an independent examination is needed. 11 is my responsibility to= a) examine the accounts urKler section 145 of the Charities Act b) to follow the procedures laid down in the gèneral Directions given by th8 Commission under section 145(5Xb) of the Charities Act, and c) to stale whether particular matters have come to my attention. Basls of 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 récords 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 concerning any such matters. The procedures undertaken do not provid8 all the evidence that would be required in an audit and consequently no opinion is given as to vthelher the accounts present 'true and fair, view. and the report is limited to those matters set out in the statement below. Indop•ndont examIne￿* statèm•nt 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 respect. the requirements: a) to keep accounting re￿)rdS in accordance with section 130 of the Charities Act and b) to prepare accounts whith accord with the accounting records and comply with the accounting requirements of the Charities Act, hav8 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 Tarn House, 77 High Street. Yeadon. Leeds LS19 7SP 12 December 2024

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Stock Exchange Rifle Club

Registered charity : 279011

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Income & Expenditure account for the year ended 31 March 2024

Unrestricted
funds
Notes
£
Incoming resources
Membership fees
36,546
Ammo / Misc sales
6,823
Investment income
5, 6
3,210
Grants and donations
-
Total incoming resources
46,579
Charitable expenditure
Rent
(19,200)
Utilities
(2,739)
Misc costs
(18,422)
Depreciation
(9,648)
Insurance
(721)
LMRA fees
(840)
Total charitable expenditure
(51,570)
Net income/ (expenditure)
(4,991)
Investment funds revaluation gain/ (loss)
5, 6
(431)
Net recognised increase/ (decrease) in funds
(5,422)
Funds brought forward
319,333
Funds carried forward
313,910		 Restricted
funds
£
-
-
7,284
101,601
108,885
-
-
-
-
-
-
-
108,885
6,505
115,390
178,266
293,656		 Total funds
2024
£
36,546
6,823
10,494
101,601
155,464
(19,200)
(2,739)
(18,422)
(9,648)
(721)
(840)
(51,570)
103,894
6,074
109,968
497,599
607,567		 Total funds
2023
£
29,846
7,193
7,245
-
44,284
(19,200)
(5,239)
(7,643)
(9,648)
(678)
(460)
(42,868)
1,415
(11,953)
(10,538)
508,137
497,599

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Balance Sheet as at 31 March 2024

Notes
Fixed assets
Investments
5, 6
Leasehold improvements
7
Current assets
Stock
Prepayments
Cash and Cash equivalents
Creditors: amounts falling due within one year
8
Net current assets
Total assets less current liabilities
Represented by:
Unrestricted funds
Restricted funds
Inglis
Hoskier
Schiff
Lease Redemption
Paul/ Tucker		 Unrestricted
funds
£
23,666
130,074
153,740
3,314
-
157,156
160,470
(300)
160,170
313,910
313,910
-
-
-
-
-
313,910		 Restricted
funds
£
215,034
-
215,034
-
-
78,622
78,622
-
78,622
293,656
-
7,283
6,948
4,211
271,204
4,010
293,656		 Total funds
2024
£
238,700
130,074
368,774
3,314
-
235,778
239,092
(300)
238,792
607,566
313,910
7,283
6,948
4,211
271,204
4,010
607,566		 Total funds
2023
£
131,025
139,723
270,748
4,872
5,601
216,678
227,151
(300)
226,851
497,599
319,333
7,046
6,831
4,139
156,241
4,010
497,599

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

Notes forming part of the financial statements for the year ended 31 March 2024

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

Investment income

Investment income arises from a variety of sources.

Firstly is interest earned on cash deposits. Secondly, the club has invested into various income funds that pay a regular dividend. Thirdly is 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.

As detailed within note 6, the Rifle & Revolver Club disvolved within 2023 and passed its' assets, on 11th October 2023, onto the Stock Exchange Rifle Club.

3

Rent

Rent is payable to the City of London Corporation. As of the reporting date, the annual rent for the premise is £32,000 which is subject to further rent reviews. The rental cost is shared with Marylebone Rifle & Pistol Club ('MRPC') who also use the premises. 20% VAT is payable on the rent leading to an annual charge of £19,200 for the year.

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

4

Misc costs

Misc costs comprise of all remaining expenses not covered in other line items. This includes: Range Officer expenses, purchases of ammunition, purchases of targets, membership fees (NRA & LMRA), related compliance fees, stationary, accountancy costs, and all other miscellaneous items.

Range offices are re-imbursed for expenses at the rate of £10 an hour, leading to a estimated charge of c.£4,000 per year. Accountancy fees relating to the annual verification of the accounts, performed by Fox Jennings, is £300.

5

Investments - movement in unrestricted funds

General A fund (AAC)
M & G Charifund Income Shares
BLK Charities UK Bond Fund A Inc
6
Investments- movement in restricted funds
Inglis
Hoskier
Schiff
Lease redemption
Cash in restricted funds
As at 31
March 2023
£
Inglis
785
Hoskier
3,742
Schiff
2,282
Paul/Tucker
4,010
Lease redemption fund
60,520
Total
71,338		 No of
Units
1,428
1,972
As at 31 March
2023
£
6,261
3,089
1,857
95,721
106,928
Transfer of
funds
-		 As at 31 March 2023
Revaluation gain/
loss
Market value at 31
March 2024
£
£
24,097
(431)
23,666
24,097
(431)
23,666
Historical
31st March 2024
Cost
Unit Price
Total
£
£
£
10,196
14.56
20,793
3,429
1.46
2,873
13,625
23,666

Addition (at value
b/fwd)
Revaluation gain/
loss
Market value at 31
March 2024
£
(113)
6,148
(55)
3,034
(32)
1,825
101,601
6,705
204,027
101,601
6,505
215,034
Income
Expenditure
As at 31 March
2024
350
1,135
173
3,914
104
2,386
-
4,010
6,657
67,177
7,284
-
78,622
Inglis
Hoskier
Schiff
Lease redemption
Cash in restricted funds
Inglis
Hoskier
Schiff
Paul/Tucker
Lease redemption fund
Total

The income from the Inglis Fund is used to pay the costs of affiliation with the LMRA. It was agreed by the management committee that a claim against the fund will be made on the 1st of April 2024 and the investment will be transferred to the general account.

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.

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

6 (continued…)

On the 11th October 2023, the Rifle & Revolver Club dissolved. As its' sole beneficiary, all of the charities' assets were transferred to the Stock Exchange Rifle Club and this has been recorded within the accounts as a donation. The donation comprised of 6,000 Charifund Income Shares and 16,000 Charibond Income Shares which had a value, on the transfer date, of £84,673.20 and £16,928.00 respectively.

Investments - movement in restricted funds

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

No of
Units
M & G Charifund Income Shares
371
BLK Charities UK Bond Fund A Inc
512
Cash due from General Fund
Hoskier Rifle Prize Fund
No of
Units
M & G Charifund Income Shares
183
BLK Charities UK Bond Fund A Inc
253
Cash due from General Fund
Schiff Cup Fund
No of
Units
M & G Charifund Income Shares
110
BLK Charities UK Bond Fund A Inc
153
Cash due from General Fund
Lease Redemption Fund
No of
Units
BLK Charities UK Equity Fund A Acc
714
BLK Charities UK Bond Fund A Acc
1,754
M & G Charifund Income Shares
6,000
M & G Charibond Income Shares
16,000
Paul/Tucker Prize Fund
Value of fund at 31 March 2023
Profit/ loss
Value of fund at 31 March 2024
Represented by:
Cash		 Historical
31st March 2024
Cost
Unit Price
£
£
2,643
14.56
891
1.46
3,534
Historical
31st March 2024
Cost
Unit Price
£
£
1,300
14.56
440
1.46
1,740
Historical
31st March 2024
Cost
Unit Price
£
£
782
14.56
266
1.46
1,048
Historical
31st March 2024
Cost
Unit Price
£
£
34,444
25.81
17,488
45.92
84,673
14.56
16,928
1.10
153,533		 Total
£
5,402
746
1,135
7,283
Total
£
2,665
369
3,914
6,948
Total
£
1,602
223
2,386
4,211
Total
£
18,441
80,551
87,365
17,670
204,027
£
4,010
4,010
4,010
4,010

Stock Exchange Rifle Club Financial Statements for the year ended 31 March 2024

7

Leasehold improvements
Cost at 1 April 2023 and at 31 March 2024
Depreciation at 1 April 2023
Charge in the year
Depreciation at 31 March 2024
Net book value at 31 March 2024
Net book value at 31 March 2023		 94,980
9,648		 £
234,702
(104,628)
130,074
139,722

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.

8 Creditors

Accruals
Accountancy		 B/fwd
Increase
Paid/ released
C/fwd
600
-
(300)
300
600
-
(300)
300

rt of the Inde ndent Examiner to the Trustees of the Stock Exchan e Rifle Club I report on the accounts of the above charitable trust for the year ended 31 March 2024. Respoctive rosponsibilities of trustees and examinar The charity's trustees are responsible for the preparation of th8 accounts. The harity's trustees consider that an audtt is not required for this year under section 144 of the Charities Act 2011 ("the Chartties A¢f) and that an independent examination is needed. 11 is my responsibility to= a) examine the accounts urKler section 145 of the Charities Act b) to follow the procedures laid down in the gèneral Directions given by th8 Commission under section 145(5Xb) of the Charities Act, and c) to stale whether particular matters have come to my attention. Basls of 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 récords 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 concerning any such matters. The procedures undertaken do not provid8 all the evidence that would be required in an audit and consequently no opinion is given as to vthelher the accounts present 'true and fair, view. and the report is limited to those matters set out in the statement below. Indop•ndont examIne￿* statèm•nt 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 respect. the requirements: a) to keep accounting re￿)rdS in accordance with section 130 of the Charities Act and b) to prepare accounts whith accord with the accounting records and comply with the accounting requirements of the Charities Act, hav8 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 Tarn House, 77 High Street. Yeadon. Leeds LS19 7SP 12 December 2024