Company registration number 01342150 (England and Wales)
GRAND NATIONAL ARCHERY SOCIETY (THE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
GRAND NATIONAL ARCHERY SOCIETY (THE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
GRAND NATIONAL ARCHERY SOCIETY (THE)
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
7
55,077
75,980
Investments
8
6,691
6,691
61,768
82,671
Current assets
Stocks
24,481
18,517
Debtors
10
678,629
443,735
Cash at bank and in hand
1,055,459
1,492,071
1,758,569
1,954,323
Creditors: amounts falling due within one year
11
(1,441,806)
(1,625,674)
Net current assets
316,763
328,649
Net assets
378,531
411,320
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
378,531
411,320
Total equity
378,531
411,320

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 7 March 2026 and are signed on its behalf by:
Mr S A Smith
Director
Company registration number 01342150 (England and Wales)
GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
1
Accounting policies
Company information

Grand National Archery Society (The) is a private company limited by guarantee without share capital incorporated in England and Wales. The registered office is Lilleshall National Sports and, Conferencing Centre, Newport, Shropshire, United Kingdom, TF10 9AT.

Grand National Archery Society (The) is hereby referred to as Archery GB throughout this report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

During the year the organisation has been impacted by the unforeseen decline in the outdoor industry impacting the sales of Archery instructor courses and workshops. This along with increases in the employers national insurance contributions and continued above inflationary increases in operating costs has meant that retained reserves have gone below the contingency policy level of £400k. The directors are confident that with the re-focus on the budget for 2026 on priority areas of investment and healthy membership affiliation growth the organisation will bring retained reserves back in line with policy within the next 12 months and will be well placed to deal with any further financial challenges.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover comprises:

- membership subscription income, recognised in the year to which it relates;

- grant income is recognised on a usage basis, in line with the terms of grants received; and

- income in respect of goods and services supplied, exclusive of VAT and trade discounts

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Events equipment
33% on cost
Trophies, plant and machinery
5% on cost
Target coaching and publicity equipment
33% on cost and 25% on cost
Computer and office equipment
33% on cost, 20% on cost and 10% on cost
Performance unit
33% on cost, 20% on cost and 10% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Taxation

The tax expense represents the sum of the tax currently payable.

GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.16

Reserves policy

Archery GB is aware of the need to secure their viability beyond the immediate future. In order to be able to provide reliable services over the longer period, Archery GB must be able to absorb setbacks and take advantage of change and opportunity. Archery GB has therefore provided for this by retaining some of its previously generated surplus as a reserve against future uncertainty, which would allow it enough time to restructure (if required) or seek alternative income. On this basis the Board have determined that the retained reserves of the organisation should not fall below £400,000.

Reserves are defined as being the organisation’s Total Net Assets (which equate to its total reserves) as reported in the Archery GB Annual Report and Financial Statements.

GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Deferred income

The c ompany recognises that income, in particular membership and g rant income, can relate to extended periods of time that fall in more than on financial year. The process of determining which accounting period the income relates to is deemed a key estimate.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Grant Income - not including long term capital grants
1,958,985
2,473,733
Membership & Related income
2,114,765
1,671,254
Commercial & Partnership Income
22,162
25,685
Coaching & Instructor Income
373,876
426,495
Other Income from the provision of goods & services
187,320
113,447
Miscellaneous income
2,388
5,170
4,659,496
4,715,784
2025
2024
£
£
Other revenue
Interest income
16,459
21,851
Dividends received
381
381
GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
4
Deferred income and expenditure
Sport England
UK Sport
Other
Total
2025 (£)
2025 (£)
2025 (£)
2025 (£)
Income
Participation grant
415,965
-
-
415,965
Performance grant
-
1,346,760
196,260
1,543,020
Grants receivable
415,965
1,346,760
196,260
1,958,985
Expenditure
Participation programmes
415,965
-
-
415,965
Performance programmes
-
1,254,672
196,260
1,450,932
Programme administration
-
92,088
-
92,088
Total expenditure
415,965
1,346,760
196,260
1,958,985
Sport England
UK Sport
Other
Total
2024 (£)
2024 (£)
2024 (£)
2024 (£)
Income
Participation grant
465,011
-
-
465,011
Performance grant
-
1,856,789
151,933
2,008,722
Grants receivable
465,011
1,856,789
151,933
1,543,711
Expenditure
Participation programmes
465,011
-
-
465,011
Performance programmes
-
1,771,851
148,255
1,920,106
Staff / Coaching infrastructure
-
-
-
-
Programme administration
-
84,938
3,678
88,616
Total expenditure
465,011
1,856,789
151,933
2,473,733

The grants shown do not include any contributions from Archery GB or any other income sources to fund

related expenditure in the year.

5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
118,878
111,650
Company pension contributions to defined contribution schemes
5,373
6,699
124,251
118,349
GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
5
Directors' remuneration
(Continued)
- 8 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Grant funded
15
18
NGB funded
28
26
Total
43
44
7
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2024
26,397
383,541
409,938
Additions
2,601
10,276
12,877
At 30 September 2025
28,998
393,817
422,815
Depreciation and impairment
At 1 October 2024
22,888
311,070
333,958
Depreciation charged in the year
1,238
32,542
33,780
At 30 September 2025
24,126
343,612
367,738
Carrying amount
At 30 September 2025
4,872
50,205
55,077
At 30 September 2024
3,509
72,471
75,980
8
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2
2
Other investments other than loans
6,689
6,689
6,691
6,691
9
Financial instruments
GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
9
Financial instruments
(Continued)
- 9 -

Financial assets measured at amortised cost consists of trade debtors, other debtors and cash at bank and in hand.

Financial assets measured at fair value consist of listed investments.

Financial liabilities measured at amortised cost consists of trade creditors,other creditors and accruals.

10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
117,994
112,840
Other debtors
560,635
330,895
678,629
443,735
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
286,589
354,881
Corporation tax
(29)
(29)
Other taxation and social security
33,383
38,442
Deferred income
12
1,020,560
1,125,293
Other creditors
10,564
10,648
Accruals
90,739
96,439
1,441,806
1,625,674
GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
12
Government grants
2025
2024
£
£
Arising from government grants and membership fees
1,020,560
1,125,293
1,020,560
1,125,293

Deferred income is included in the financial statements as follows:

2025
2024
£
£
Current liabilities
1,020,560
1,125,293
1,020,560
1,125,293
Deferred income represents grants received during the year which have not yet been spent and membership monies received in advance for the 2024/25 membership year.
Grants deferred at the year end will be released in the year ended September 2026 in line with grant spending. Membership monies received in advance for the 2025/26 year will be released in the year ended September 2026 in line with the membership year.
£
Deferred income at 1st October 2024
1,125,293
Amounts released from previous years
(897,431)
Grants and membership subscriptions deferred during the year
792,698
Deferred income at 30th September 2025
1,020,560
13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

GRAND NATIONAL ARCHERY SOCIETY (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
Lee Meredith BFP ACA
Statutory Auditor:
Azets Audit Services
Date of audit report:
13 March 2026
14
Operating lease commitments
As lessee

Operating lease committments include £966,852 (2024 - £1,173,858) of committed costs which are covered by grant funds.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
1,202,652
1,524,840
15
Ultimate controlling party

The society is controlled by the board of directors and is owned by its members.

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