Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 Company registration number: 03103602 Charity number: 1054121 TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## CONTENTS ||Page| |---|---| |**Reference and administrative details of the Company, its Trustees and advisers**|1| |**Trustees' report**|2 - 5| |**Independent examiner's report**|6| |**Statement of financial activities**|7| |**Balance sheet**|8| |**Notes to the financial statements**|9 - 18| Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 |**Trustees**|Emma Kendall, Chair| |---|---| ||Ben Canning, Vice Chair| ||Sarah Barton (appointed 5 December 2024)| ||Stuart Burgess (appointed 5 December 2024)| ||Ishan Deshpande (appointed 5 December 2024)| ||Javairya Khan (appointed 5 December 2024)| ||Rachel Leipacher| ||Layla Madanat (appointed 5 December 2024)| ||Lois Zonnenberg| ||Daniel Brodie (resigned 19 June 2025)| ||Titilola Dawadu (resigned 18 June 2026)| ||Jamil Taj (resigned 19 June 2025)| |**Company registered**
**number**
03103602
**Charity registered number**
1054121
**Registered office**
LCB Depot
Rutland Street
Leicester
England
LE1 1RE
**Chief executive officer and**
**secretary**
Keerthi Kollimada (appointed secretary 23 March 2026)
**Bankers**
Lloyds TSB
47 High Street
Brentwood
Essex
CM14 4RN
**Independent Examiner**
Janice Matthews FCA
Menzies LLP
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP|| Page 1 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Trustees present their annual report together with the financial statements of the charity for the year ended 30 September 2025, which are also prepared to meet the requirements for a directors’ report and accounts for Companies House purposes. The reference and administrative details set out on page 1 form part of this report. The financial statements comply with the Charity Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **PRINCIPAL ACTIVITY** The principal activity of the company continues to be the promotion and advancement for public benefit (in particular 16 to 26-year-old students and young people from underrepresented backgrounds) of knowledge, skills, education and opportunity for careers in the arts. NSDF identifies and nurtures talented individuals aged 16 to 26, supporting and mentoring them to make exceptional theatre. We are a bridge between young artists and the theatre industry. The Festival is annual in the spring of each year. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** A Board of highly engaged Trustees oversee the running of the organisation, which is led by a CEO. The CEO is supported by a core team of freelancers, and a wider freelance team as needed, and specifically for the festival week. - Trustees comprise a wide range of expertise, covering management, budgeting, access, artistic practice and producing, as well as a wide range of backgrounds and lived experiences. - The CEO role is permanent and part time. The NSDF Creative Producer, Administrator and Marketing Associate are on a freelance contract. - A freelance Technical Director and a team of freelance Associates work as necessary throughout the year. Additional freelance Technical Advisors work at the Festival under the leadership of the Technical Director. Freelance mentors, facilitators and workshop leaders are also contracted for the festival week. All report to the CEO. ## **CONSTITUTION** The company is a private company limited by guarantee registered in England and Wales, incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. ## **DIRECTORS AND TRUSTEES** The directors of the charitable company (“the charity”) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings. As set out in the articles of association the number of trustees shall not be less than 2. The trustees may by ordinary resolution appoint a person who is willing to act as a trustee. All new appointments shall hold office until the next annual meeting, one third of the trustees who are subject to retirement by rotation shall retire from office if willing to act, be subject to reappointment. ## **MAJOR RISKS** The Trustees maintain a Risk Register of current and potential risks to which the company is exposed. The Risk Register is reviewed quarterly and includes a strategy and action plan for risk avoidance and/or mitigation. The register is colour coded with a traffic light system, and talked through at each board meeting, to ensure robust Board oversight. The register is also submitted quarterly to the Arts Council as part of our funding agreement and further oversight. Page 2 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT** In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. NSDF celebrates, promotes and produces the work of young and emerging artists throughout the year, culminating in a glorious week-long festival of their work, alongside workshops, mentoring and preparing young creatives for a future in the theatre industry. NSDF’s unique USP is its commitment to accessibility - constantly striving to further reduce barriers to access to the festival, and to a career in the arts. NSDF is an innovative, unique and wide-reaching youth arts charity, which consistently bridges the gap between young people and the professional world. NSDF ensures that the artists embrace the communities they serve as the young practitioners are working together with their peers who will be their future audience. NSDF has worked with thousands of young people since the Festival began in 1956 and is committed to providing a platform to present the best theatre created by young people to be seen by both their peers and industry professionals and the industry in general. NSDF is committed to creating a theatre industry representative of the diversity of Britain. ## **ACHIEVEMENTS AND PERFORMANCE** ## **FESTIVAL 2** 5 NSDF25 was a glorious celebration of all the talent emerging across the UK, and of the enthusiasm that refuses to be quashed by the challenges of the current climate. It is impossible to ignore the difficulties facing theatre and the arts at the moment, but what NSDF offers to young people is the opportunity to dream beyond those constraints, and gain the practical skills, knowledge and connections to pursue futures in the arts regardless of the barriers they face. As we navigate continued uncertainty economically, globally and politically, we feel rooted in the ambition and determination of young people to carve out a new, more equitable and sustainable theatre industry. We feel immensely proud to facilitate the space for that thinking and development, and will continue to grow and offer that platform, no matter what. 2025 saw the festival once again rooted in the Midlands, with Leicester continuing as its home. Specifically, The Curve Theatre Leicester has been NSDF’s partner since 2018, and is still ongoing - we’ve very thankful for their generosity, and in making all our participants and team members so welcome. From new faces to old, this year at NSDF25 was special: we saw the return of our brilliant associates Barrel Organ, who led workshops supporting our young theatremakers through the process of devising. The festival put on 17 performances; created, directed, performed and written by these amazing 16–26 year olds. Theatremakers, including members of Curve Theatre's Young Company, travelled from Nottingham, Aberystwyth, Lancaster, Edinburgh, Oxford and across the North West and Midlands, to take part. Over the course of the week there were 73 total participants, 5 masterclasses, 15 workshops, 4 industry panels, 17 performances, 30 industry professionals, 8 technical workshops, 17 teched performances and 5 evening events — a 7% increase in participants on the previous festival. Representatives from theatre organisations such Headlong Theatre, the National Theatre, Curve Theatre, Camden People's Theatre, Arts Emergency and the Globe Theatre joined us throughout the week. They offered their expertise to young people through workshops and discussions such as Making Your Own Show, Running a Rehearsal Room, Lighting 101, and How to Fundraise. . We're incredibly grateful to our Associates and industry allies for their time and support. A special thank you to our Festival Hosts. This year's festival was once again led and driven by young theatremakers from the Midlands and across the country, and we were proud to see the continued growth of LAB, our year-round development programme. Page 3 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **AFTER THE FESTIVAL...** - 98% thought working in theatre was a viable option - 91% reported they had found new collaborators - 85% had a better understanding of the industry after the festival - 83% felt better connected to the industry due to attending - 98% think that NSDF believes in building new artistic communities - 91% stated that NSDF is a link between student theatre and making work professionally - 91% thought that NSDF believes that everyone can have a voice - 78% stated that the festival being free impacted their decision to attend - 76% feel less lonely after the festival than they did before it started - 74% stated that NSDF has had a positive impact on their wellbeing - 74% of participants thought the industry was more accessible to them after the festival - 89% believe NSDF aspires to be necessary ## **LAB** A space for all disciplines to meet and create together, without the fear of failure or expectation of a finished product. LAB invites young people to develop new networks of collaborators and a new support system. Through a series of workshops and mentoring, new artists, new partnerships, and new companies emerge. LAB ran between January and April 2025, delivered in person by Keiran Vyas, a Leicester-based global majority theatre practitioner working with young people. Mentored across the year, these talented new artists devised work over four months with ongoing mentoring and support, culminating in a performance at NSDF25. Some of these artists had never met before, forming new communities and new theatre companies, and finding lifelong collaborators along the way. We exceeded both our participation target and our goal for the number of participants drawn from traditionally low-engagement areas, with NSDF proud to help these future stars take their first steps into the industry. ## **TECHNICAL TRAINING** Our technical training programme, headed up by our Technical Manager Rowan Read, ran throughout the week using professional equipment, with young technical participants taught industry-level skills while collaborating and co-creating alongside our other participants. Workshops covered Building a Fringe Venue, James and the Giant Light Bulb, Stage and Company Management, Touring Production Management, and Sound and Design, giving young technicians hands-on, practical experience on industry-grade equipment alongside direct connections with working professionals. Our technical strand has never been more important, as the industry is experiencing a massive talent drain of technicians post-pandemic, and NSDF is vital in ensuring that a pipeline of passionate, highly trained young technicians begin their journeys into the industry, to combat that drain. ## **FINANCIAL REVIEW** In 2024/25 we ended the year with a planned surplus of £2,804, and carried forward unrestricted designated reserves of £21,545. Arts Council England NPO funding received of £58,510, comprising 61% of our total income, and 100% of which went into our artistic and access offerings. As a proud National Portfolio Organisation, we are reliant on public funding to survive, and we work very hard to ensure our work achieves maximum impact and benefit for our young community of emerging theatre makers. In 2022-23 we made a successful application for renewed funding that addressed the strategic priorities of Arts Council England’s 10-year strategy, Let’s Create. With a string of successful applications to the Arts Council, NPO funding is secured to 31st March 2028. The next round of applications for National Portfolio Organisations will happen in 2026/27, and the Trustees believe that NSDF is well placed to be successful in this application. Regarding overall financial monitoring, our CEO continues to oversee the finances, and generating the management account reporting for the company, having worked in theatre finance for over a decade. The Administrator maintains the day-to-day accounting and processing, and reports to the CEO. All the financial systems at NSDF provide checks and balances and an appropriate audit trail, while maintaining a high level of accuracy and efficiency. All budgets are supervised, and invoices signed off by the CEO before being actioned or paid. All Board-level financial papers are first checked by and discussed with the Finance Committee, before they are then reported to the Board on a quarterly basis. Page 4 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **RESERVES POLICY** The Trustees have established a policy whereby the unrestricted designated contingency fund held by the charity should be between 3 and 6 months of the overhead resources expended. Many companies have seen their reserves decrease due to the impact of the pandemic on the funding climate. However, as the charity has worked diligently to build reserves, at year end 2024/25 the carried forward reserves are £21,545 - a 15% increase on the last year, and more than 4 months of overheads. Therefore, we are well within our reserves policy, and our strategic plan is to grow our reserves, to invest in future expansion of our artistic and access offerings. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## **GOING CONCERN** The charity has reviewed and updated its major areas of risk. Particularly in light of the implementation of new governance structures, the robust growth of reserves, and the planned trajectory for sustainable growth, we are satisfied we remain a going concern moving forward, while fundraising is under close monitoring from the exec team and the Board. The trustees have a reasonable expectation that the charity has adequate resources to continue operational existence for the foreseeable future. For this reason, the trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements. ## **SMALL COMPANY EXEMPTIONS** This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies. Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ **Emma Kendall** Trustee & Chair Date: 30-Jun-2026 Page 5 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## INDEPENDENT EXAMINER'S REPORT ## **Independent examiner's report to the Trustees of The National Student Drama Festival Ltd ('the Company')** I report to the charity Trustees on my examination of the accounts of the Company for the year ended 30 September 2025. ## **Responsibilities and basis of report** As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed: Dated: 30-Jun-2026 Janice Matthews FCA ## **Menzies LLP** Chartered Accountants Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP Page 6 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025 |**Note**
**Income from:**
Donations and legacies:
2
Grants
_._ Other donations and legacies
Other trading activities
3
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**64,510**
**(141)**
**30,000**
**13**
**94,382**
**91,578**
**91,578**
**2,804**
**16,713**
**2,804**
**19,517**|**Restricted**
**funds**
**2025**
**£**
**-**
**873**
**-**
**-**
**873**
**873**
**873**
**-**
**2,028**
**-**
**2,028**|**Total**
**funds**
**2025**
**£**
**64,510**
**732**
**30,000**
**13**
**95,255**
**92,451**
**92,451**
**2,804**
**18,741**
**2,804**
**21,545**|_Total_
_funds_
_2024_
_£_
_63,083_
_1,293_
_30,000_
_18_| |---|---|---|---|---| |||||_94,394_| |||||_79,302_| |||||_79,302_| |||||_15,092_| |||||_3,649_
_15,092_| |||||_18,741_| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 form part of these financial statements. Page 7 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) REGISTERED NUMBER: 03103602 ## BALANCE SHEET AS AT 30 SEPTEMBER 2025 |**Note**
**Fixed assets**
Tangible assets
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one year
12
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
13
Unrestricted funds
13
**Total funds**|**1,473**
**32,119**
**33,592**
**(12,265)**|**2025**
**£**
**218**
**218**
**21,327**
**21,545**
**21,545**
**2,028**
**19,517**
**21,545**|_13,981_
_14,966_
_28,947_
_(10,879)_|_2024_
_£_
_673_| |---|---|---|---|---| |||||_673_
_18,068_| |||||_18,741_| |||||| |||||_18,741_| |||||_2,028_
_16,713_| |||||| |||||_18,741_| The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ **Emma Kendall** Trustee & Chair 30-Jun-2026 Date: The notes on pages 9 to 18 form part of these financial statements. Page 8 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The National Student Drama Festival Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **1.2 Company status** The National Student Drama Festival Limited is a private company limited by guarantee. The members of the company are the Directors/Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. ## **1.3 Income** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. ## **Donations and legacies** Grants, legacies and donations are recognised in incoming resources in the year in which they are receivable, except as follows: - When donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods. - When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met ## **Charitable activities** Theatre income is included in incoming resources in the period in which the relevant activity takes place. Project specific funding - when donors specify that donations and grants are for particular restriced purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. ## **Donated services and facitlities** Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market, a corresponding amount is then recognised in expenditure in the period of receipt. ## **Investment income** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 9 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **1. Accounting policies (continued)** ## **1.4 Expenditure** All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when: - there is a legal or constructive obligation to make a payment - it is probable that settlement will be required - the amount of the obligation can be measured reliably Costs of raising funds Costs incurred in attracting donations, and those incurred in trading activities that raise funds. Charitable activities Production costs - costs incurred in the production and running of productions toured in the year. ## Support costs The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support are wholly attributable to theatre production costs. Governance costs Costs associated with the constitutional and statutory requirements of the charity. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **1.5 Turnover** Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. ## **1.6 Tangible fixed assets and depreciation** Tangible fixed assets costing £1,000 or more are capitalised. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, . Depreciation is provided on the following bases: - Fixtures and fittings 25% straight line - Production equipment 10% straight line Page 10 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **1. Accounting policies (continued)** ## **1.7 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **1.8 Financial instruments** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.9 Pensions** The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. ## **1.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 11 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **2. Income from donations and legacies** |**Donations**
Donations
**Grants**
'ACE National Portfolio Organisation
Martin Bowley Charitable Trust
**Total donations and grants**
**Total 2025**
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
(141)
58,510
6,000
64,369
64,369
_63,336_|**Restricted**
**funds**
**2025**
**£**
873
-
-
873
873
_1,040_|**Total**
**funds**
**2025**
**£**
**732**
**58,510**
**6,000**
**65,242**
**65,242**
_64,376_|_Total_
_funds_
_2024_
_£_
_1,293_
_57,583_
_5,500_| |---|---|---|---|---| |||||_64,376_| |||||| |||||_64,376_| |||||| ## **3. Income from charitable activites** ## **Income from non charitable trading activities** |Sponsorship - News International
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
30,000
_30,000_|**Total**
**funds**
**2025**
**£**
**30,000**
_30,000_|_Total_
_funds_
_2024_
_£_
_30,000_| |---|---|---|---| ||||| ## **4. Investment income** |Investment income - interest
_Total 2024_|**Unrestricted**
**funds**
**2025**
**£**
13
13
_18_|**Total**
**funds**
**2025**
**£**
**13**
**13**
_18_|_Total_
_funds_
_2024_
_£_
_18_| |---|---|---|---| ||||_18_| ||||| Page 12 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **5. Analysis of expenditure by activities** |Festival and support costs
Other Non-Festival Costs
_Total 2024_|**Activities**
**undertaken**
**directly**
**2025**
**£**
28,869
4,098
32,967
_35,676_|**Support**
**costs**
**2025**
**£**
59,484
-
59,484
_43,626_|**Total**
**funds**
**2025**
**£**
**88,353**
**4,098**
**92,451**
_79,302_|_Total_
_funds_
_2024_
_£_
_75,169_
_4,133_| |---|---|---|---|---| |||||_79,302_| |||||| ## **Analysis of direct costs** |Depreciation
Festival expenses
Other Non-Festival Costs
**Total 2025**
**Analysis of support costs**|**Total**
**funds**
**2025**
**£**
**-**
**28,869**
**4,098**
**32,967**|_Total_
_funds_
_2024_
_£_
_455_
_31,088_
_4,133_| |---|---|---| |||_35,676_| |||| |Staff costs
Depreciation
Director's fees and expenses
Professional and other fees
Bank charges
Independent examination
Marketing & digital
_Total 2024_|**Activities**
**2025**
**£**
21,751
455
-
29,701
106
2,500
4,971
59,484
_43,626_|**Total**
**funds**
**2025**
**£**
**21,751**
**455**
**-**
**29,701**
**106**
**2,500**
**4,971**
**59,484**
_43,626_|_Total_
_funds_
_2024_
_£_
_27,227_
_-_
_73_
_8,980_
_91_
_2,450_
_4,805_| |---|---|---|---| ||||_43,626_| ||||| Page 13 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **6. Analysis of festival costs** |Creative / other fees
Creative travel / subsistence / accomodation
Publicity / promotion
Insurances
Other costs, including access|**2025**
**£**
**19,954**
**5,760**
**1,954**
**1,592**
**3,707**
**32,967**|_2024_
_£_
_21,681_
_2,003_
_1,943_
_1,591_
_4,325_| |---|---|---| |||_31,543_| |**7.**|**Independent examiner's remuneration**||| |---|---|---|---| |||**2025**|_2024_| |||**£**|_£_| ||Fees payable to the Company's independent examiner for the independent||| ||examination of the Company's annual accounts|**2,500**|_1,997_| ||Fees payable to the Company's independent examiner in respect of:||| ||Accountancy services|**2,000**|_2,083_| **8. Staff costs** |Wages and salaries
Contribution to defined contribution pension schemes|**2025**
**£**
**21,012**
**739**
**21,751**|_2024_
_£_
_26,767_
_460_| |---|---|---| |||| |||_27,227_| The average number of persons employed by the Company during the year was as follows: ||**2025**|_2024_| |---|---|---| ||**No.**|_No._| |Employees|**1**|_2_| No employee received remuneration amounting to more than £60,000 in either year. The remuneration of key management personnel was £21,751 _(2024: £27,227)_ . Page 14 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **9. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ . During the year ended 30 September 2025, expenses totalling £93 were reimbursed or paid directly to 1 Trustee _(2024 - £NIL_ ). In addition two Trustees received a fee of £500 each for services provided. ## **10. Tangible fixed assets** |**Cost or valuation**
At 1 October 2024
Disposals
At 30 September 2025
**Depreciation**
At 1 October 2024
Charge for the year
On disposals
At 30 September 2025
**Net book value**
At 30 September 2025
_At 30 September 2024_
**Debtors**
**Due within one year**
Other debtors
Prepayments and accrued income|**Fixtures and**
**fittings**
**£**
**6,263**
**(6,187)**
**76**
**6,244**
**19**
**(6,187)**
**76**
**-**
_19_|**Office**
**equipment**
**£**
**4,355**
**-**
**4,355**
**3,701**
**436**
**-**
**4,137**
**218**
_654_
**2025**
**£**
**1,073**
**400**
**1,473**|**Total**
**£**
**10,618**
**(6,187)**| |---|---|---|---| ||||**4,431**| ||||**9,945**
**455**
**(6,187)**| ||||**4,213**| ||||**218**| ||||_673_| ||||_2024_
_£_
_6,621_
_7,360_| ||||_13,981_| ## **11. Debtors** Page 15 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **12. Creditors: Amounts falling due within one year** |Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
**570**
**328**
**11,367**
**12,265**|_2024_
_£_
_810_
_328_
_9,741_| |---|---|---| |||| |||_10,879_| ## **13. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
General Funds
**Restricted funds**
Bursaries
Supporters scheme
**Total of funds**|**Balance at 1**
**October 2024**
**£**
**16,713**
**2,028**
**-**
**2,028**
**18,741**|**Income**
**£**
**94,382**
**-**
**873**
**873**
**95,255**|**Expenditure**
**£**
**(91,578)**
**-**
**(873)**
**(873)**
**(92,451)**|**Balance at 30**
**September**
**2025**
**£**
**19,517**| |---|---|---|---|---| |||||**2,028**
**-**| |||||**2,028**| |||||**21,545**| ## Bursaries Received to finance bursaries and contribute towards travel and living expenses. Page 16 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **13. Statement of funds (continued)** **Statement of funds - prior year** |**Unrestricted funds**
General Funds
**Restricted funds**
Bursaries
Supporters scheme
**Total of funds**|_Balance at_
_1 October_
_2023_
_£_
_1,621_
_2,028_
_-_
_2,028_
_3,649_|_Income_
_£_
_93,354_
_-_
_1,040_
_1,040_
_94,394_|_Expenditure_
_£_
_(78,262)_
_-_
_(1,040)_
_(1,040)_
_(79,302)_|_Balance at_
_30 September_
_2024_
_£_
_16,713_| |---|---|---|---|---| |||||_2,028_
_-_| |||||_2,028_| |||||_18,741_| ## **14. Summary of funds Summary of funds - current year** |General funds
Restricted funds
**Summary of funds - prior year**
General funds
Restricted funds|**Balance at 1**
**October 2024**
**£**
**16,713**
**2,028**
**18,741**
_Balance at_
_1 October_
_2023_
_£_
_1,621_
_2,028_
_3,649_|**Income**
**£**
**94,382**
**873**
**95,255**
_Income_
_£_
_93,354_
_1,040_
_94,394_|**Expenditure**
**£**
**(91,578)**
**(873)**
**(92,451)**
_Expenditure_
_£_
_(78,262)_
_(1,040)_
_(79,302)_|**Balance at 30**
**September**
**2025**
**£**
**19,517**
**2,028**| |---|---|---|---|---| |||||**21,545**| |||||_Balance at_
_30 September_
_2024_
_£_
_16,713_
_2,028_| |||||_18,741_| Page 17 Docusign Envelope ID: 6ECA1AB6-F7AC-895F-8308-D57CC08AC721 ## THE NATIONAL STUDENT DRAMA FESTIVAL LTD (A company limited by guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ## **15. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2025**
**£**
218
31,564
(12,265)
19,517|**Restricted**
**funds**
**2025**
**£**
-
2,028
-
2,028|**Total**
**funds**
**2025**
**£**
**218**
**33,592**
**(12,265)**| |---|---|---|---| ||||**21,545**| ## **Analysis of net assets between funds - prior year** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2024_
_£_
_673_
_26,919_
_(10,879)_
_16,713_|_Restricted_
_funds_
_2024_
_£_
_-_
_2,028_
_-_
_2,028_|_Total_
_funds_
_2024_
_£_
_673_
_28,947_
_(10,879)_| |---|---|---|---| ||||_18,741_| ## **16. Related party transactions** During the year the company had no related transactions that required disclosure. Page 18