## **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:
- 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**
## **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:
- 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**
## **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