Financial Objectives 2024
National Rifle Association
Yesterday we announced the 2024 subscription rates for individual members and affiliated clubs. Membership subscriptions are an important source of donations for the NRA. The increases in membership subscription rates for 2024 reflect the need to ensure the NRA is on a sound financial footing.
The NRA has faced significant increases in costs over recent years. The cost of electricity has more than doubled in two years, with insurance premiums more than doubling in three years. In cash terms, we will pay an additional £400k for these essential services in 2023. Recruiting and retaining good staff in Surrey remains challenging; our teams work hard, care about what they do, and deserve to be properly paid.
We are forecasting a modest surplus of £100k from a turnover of £10 million in 2023. This is not enough to fund much needed capital projects at Bisley and in the regions, properly maintain the extensive Bisley real estate and range infrastructure and ensure the NRA has the financial resilience to survive unexpected events. Investments in projects such as an online range booking system have been delayed due to lack of funds, to the understandable frustration of customers, members, clubs and staff, whilst the backlog of maintenance and improvement works dates back to before the pandemic.
For the past 10 years most of our annual price rises have just recovered the cost of inflation over the previous year. The result has been a decline in the financial liquidity of the NRA, as shown in recent Annual Reports. For 2024 we aim to generate a surplus of £400k to £500k to improve resilience, fund increased spending on capital projects and ensure the NRA can continue to pursue its charitable objectives. This also ensures we have funds available to pursue new opportunities, particularly away from Bisley.
The National Shooting Centre Limited, which is a subsidiary of the NRA, makes an important contribution to the financial position of the charity through its commercial activities, including the operation of the ranges, the sale of ammunition and the provisions of accommodation. The NSC will be reviewing its prices for 2024 and will announce its new pricing structure separately. Both the NRA and NSC will ensure prices are reviewed against value delivered and rigorously scrutinise costs as part of contributing to this surplus.
We are grateful to members and clubs for their continuing support. Their donations via membership subscriptions make a valuable contribution to the work of the charity, including delivering an extensive programme of competitions and training through the year, and engaging with Parliament, the police and regulators on issues of importance to all shooters.
Many members “Gift Aid” their subscription, which provides further income for the NRA at no cost to members. If you would like a Gift Aid declaration form, please email membership@nra.org.uk
Andrew Mercer
NRA Secretary General
NSC Chief Executive
Published on:
Oct 27, 2023
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