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← Nabs

2024-12-31-accounts

N A B S

(A charitable company limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

Year ended 31 December 2024

Charity No. 1070556 Company Registration No. 03588945

N A B S (A charitable company limited by guarantee) CONTENTS

Page
Company Information 1
Trustees’ Report 2 – 12
Statement of Trustees’ Responsibilities 13
Independent Auditor’s Report 14 - 16
Consolidated Statement of Financial Activities 17
Balance Sheets – Consolidated and Charity 18
Consolidated Cash Flow Statement 19
Accounting Policies 20 – 23
Notes to the Financial Statements 24 – 35

N A B S (A charitable company limited by guarantee) COMPANY INFORMATION

TRUSTEES AND ADVISERS

N Patel (Chair) D Carter J Salinson N Bell J Peppiatt K Smith (Treasurer) COMPANY SECRETARY B Lawson

H Nicklin S Daglish J Krichefski

REGISTERED OFFICE 8 Smarts Place London WC2B 5LW INDEPENDENT AUDITOR RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB BANKERS The Royal Bank of Scotland 36 Andrew Square Edinburgh EH2 2YB SOLICITORS Womble Bond Dickinson 4 More London Riverside London SE1 2AU

INVESTMENT MANAGERS Pocock Rutherford & Co 111-113 High Street Berkhamsted Hertfordshire HP4 2JF

Page 1

N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

REFERENCE AND ADMINISTRATIVE INFORMATION

The Trustees (who are also company directors for the purposes of company law) are pleased to present their Report and Accounts for NABS for the year ended 31 December 2024.

The financial statements comply with the Charities 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) (effective 1 October 2019).

NABS is registered with the Charity Commission under registration number 1070556 and with Companies House under registration number 03588945. NABS operates across the United Kingdom. Details of NABS’ trustees and senior staff who served during the year and since the year end are set out below.

Trustees and members of Executive Committee

K Fowler Resigned 5thMay 2024
K Smith* Treasurer
J Salinson*
Trustee, Support Services
P Hughes Resigned 5thFebruary 2025
S Daglish
N Patel* Chairman
A Cook Resigned 27thNovember 2024
H Nicklin*
N Pertwee Resigned 24thApril 2024
J Peppiatt
J Healy Resigned 5thFebruary 2025
D Carter
N Bell Appointed 1stJune 2024
J Krichefski Appointed 19thMay 2025
Senior Staff
S Todd* Chief Executive

Page 2

N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

NABS was founded in 1913. NABS is a charitable company limited by guarantee incorporated on 26 June 1998 in England and Wales. The charity was established under a memorandum of association which established the objects and powers of the charitable company. NABS has a wholly owned trading subsidiary, NABS Trading Limited incorporated in England and Wales whose principal activity is the running of fundraising events. Part of the surpluses generated by NABS Trading Limited are distributed to NABS under the Articles of Association. NABS is governed by its Executive Committee which consists of elected Trustees and key senior management of NABS appointed as prescribed by the Articles of Association. Executive Committee meetings are held typically 4 times a year. They are used to review performance over the current year and agree key objectives for the next and longer term depending on the strategic planning cycle. Presentations and discussions in each meeting keep the Trustees informed about the work of NABS and all latest developments.

Responsibility for reviewing key areas of activity and policy is delegated to sub-committees that report back to the Executive Committee. The sub-committees monitor and scrutinise the work of NABS. The day-to-day running of NABS and NABS Trading Limited and the exercise of executive responsibility is delegated to the Chief Executive (CEO).

The current sub-committees are:

Third party indemnity provision for Directors

Qualifying third party indemnity provision is in place for the benefit of all directors of the company.

Trustee Recruitment, Induction and Training

Trustees are sought primarily by way of exploration of the field of potential suitable candidates through discussion by existing Trustees, other members of the Executive Committee and external recruitment advisors to ensure appropriate representation across NABS Beneficiary audiences and increase diversity.

Following the directives laid down by the Governance Committee, new Trustees have a comprehensive induction, receive a role description and briefing on the Charity Commission’s “The Essential Trustee: what you need to know, what you need to do”. Alongside the Trustee Inductions, Trustees also receive periodic training, which is carried out by Womble Bond Dickinson. Governance has been further reviewed against the latest Charity Governance Code and an action plan drawn up that focuses on regular review and constant improvement is in action. Trustees are appointed by the Executive Committee of the Charity.

Management

In 2024 the shape of the permanent team is structured within four core teams:

In 2024, the Marketing team separated from the commercial team under a new Director. Each team is led by a director who reports directly into the CEO.

NABS’ Articles of Association set out the ability of the Trustees to delegate their authority to the CEO and other groups and committees as required. The terms of references for committees and delegated authorities were all reviewed and thoroughly updated during 2020.

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N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

The CEO reports to the Executive Committee. Specifically, the objectives of the CEO are set and monitored by the Finance Committee. The Finance Committee recommends the pay and remuneration for the CEO and other key management personnel to the Executive Committee using industry (advertising and media) and charity benchmarks and reviews and monitors the pay of the senior leadership team and other personnel through detailed budget reviews.

The CEO and management are in turn supported by operational sub-committees focusing on Finance which typically meets monthly, and a quarterly Governance Committee as noted above.

Fundraising

NABS is the charity supporting the UK advertising, marketing and media industry and is funded primarily by industry organisations who provide the Charity with voluntary, annual corporate donations. Alongside corporate fundraising NABS runs a calendar of fundraising events and receives donations from individuals and 3rd party community fundraising events and raffles.

Alongside voluntary income, NABS boosts its charitable funds through a commercial trading arm which offers the industry paid for training including Fast Forward, Advance Training and timeTo. Profits from this commercial offer are gifted back to NABS Charity to support its charitable objectives.

We do not approach the public for donations and currently do not use professional partners or commercial fundraisers. We have not received any complaints regarding our fundraising (2023: none). We do not ask for donations from vulnerable people, and should we receive an unsolicited donation that we would consider unusual from a beneficiary, we have processes in place to assure us of their mental capacity in which to make any such donation.

STRATEGIC REPORT, OBJECTIVES AND ACTIVITIES

NABS is the support organisation for the advertising, marketing, and media industry.

NABS’ vision is to advance the mental wellness of everyone in the UK advertising and media industry. In 2024 we delivered on our vision across 3 main pillars, to ensure everyone who needed NABS services could access the right level of relevant support as follows –

2024 was another challenging year for NABS, the industry and society at large, marked with significant geopolitical shifts and international political developments, shaping the global landscape of business in unprecedented ways, which has impacted both on industry confidence and that of the talent who work across all of the sectors.

For NABS, this uncertainty has been reflected in another tough year from a fundraising point of view, and despite growth in fundraising income of 7% (an increase YoY of £158k), NABS has seen demand rise by 15%, with anxiety and burnout being cited at an all time high across the advertising industry.

NABS finished the year with a £331k deficit position, a much improved position on 2023’s deficit of £669k (excluding the office move costs).

In 2024, we engaged with our community through our services over 14,000 times, supporting over 3,000 people to advance their mental wellness, a 15% year-on-year increase.

Our Advice Line has seen a sustained rise in demand, with an 18% increase in 2024, following a 13% rise the year before - representing 5,200 calls.

Emotional support remained the top reason people contacted NABS, with 22% more calls in 2024 than in 2023. This category includes overwhelm, stress, anxiety, and burnout. Referrals for 1:1 therapy also rose by 22%.

Page 4

N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

Redundancy was the second most common reason for contact and a significant area of growth. 39% more people sought redundancy support in 2024 than in 2023, and views of our online redundancy guide rose by 15%, reflecting the ongoing impact of the global economic climate, pressure on the industry, and continued job uncertainty. Many people are navigating unstable job markets while also facing challenges such as ageism, bias, and low confidence.

Throughout the year, NABS Trustees and the Management Team worked closely together to ensure our offer remained agile and responsive. We did this by expanding our offer in 2024 with the launch of Managers Mindsets - a practical learning programme designed for new and mid-level managers, who play a vital role in supporting mental wellness across our industry.

Rooted in insights from NABS’ All Ears 2023 research and the industry’s All In 2023 census, the programme development responded to several key findings:

The programme includes tailored 1:1 support, five new workshops - covering topics such as having mental wellness conversations, developing coaching skills, managing team pressure, leading through change, and becoming an inclusive leader - and speed mentoring. It offers managers essential learning, the chance to connect with peers across the industry, and a supportive space to share challenges and ideas.

As a result, we saw a 42% year-on-year increase in attendance across all our workshops, including those delivered through this new initiative - which will be increasingly relevant in 2025 as the pace of change, the pressure to respond, and expectations on leaders and managers continue to grow.

Findings from our 2023 All Ears research also made clear that people are increasingly in need of deeper mental wellness support during key life and career transitions. In response, we began shaping new elements of our offer around these moments of change.

This collaboration meant we could support everyone who needed us, making our services more accessible and relevant to individuals and groups alike during another challenging year.

NABS Aims

NABS overarching aims in 2024 focus on increasing NABS Revenue, Reputation and Reach to eradicate the deficit by the end of 2026 and support more individuals to thrive in our industry as follows –

  1. To achieve financial sustainability and income growth - return the organisation to breakeven by the end of 2026 by diversifying and growing revenue and reducing overheads.

  2. To increase market penetration - support the UK media and advertising industry’s commercial success by helping more individuals thrive than ever before.

  3. To build community culture across the industry - create & nurture trusted industry communities which work together to influence change, guide managers, and support all individuals to advance.

  4. To strengthen NABS’ reputation - to be recognised as the essential industry body for advancing mental wellness across our whole community.

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N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

NABS’ Activities

NABS’ principal activities during 2024 to meet the needs of our audience and deliver public benefit were:

Risk management

The Governance Committee of the Charity updates and reviews the risk register at regular committee meetings and reviews and formulates risk mitigation plans which it then recommends to the Executive Committee. All areas of the Charity are covered by a comprehensive risk assessment. In 2024 we consider our principal risks to be:

Page 6

N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

Achievements and Performance

The following objectives, were updated and revised on the previous year’s objectives to measure performance and success in 2024, as follows:

2024 Objectives:

  1. To grow top line income by 9%, representing £223k in 2024, a total income target of £2.6m. This to be achieved through deeper industry engagement and relationships to drive increased donation income, community and 3[rd] party income and commercial training sales.

  2. To respond to service usage growth by 11% with the same cost base, ensuring advancing the mental wellness of our community is at the heart of what we do in a volatile time.

  3. To build community – to create & nurture trusted industry communities which work together to influence change and support all individuals to advance.

  4. To strengthen reputation and to be recognised as the essential industry body for advancing mental wellness across our whole community.

During 2024 we achieved

Responding to increased service usage and market penetration across the industry, without compromising on quality, for those in need.

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N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

Increasing NABS funding to support more individuals across the industry.

Whilst an income growth target of 9% was not reached due to tough market conditions, NABS still achieved a 7% financial growth increase on 2023, representing £158k of increased income through a strategy of deeper industry engagement, relationships and insights, with the following achievements and success:

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N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

Building Community Culture

In 2024, NABS continued to deliver on its strategy to influence industry culture and strengthen community support - for both individuals and company environments. We focused on sharing insights, opening up conversations on mental health and support, and deepening partnerships across the sector. Highlights included:

Strengthening NABS Reputation

In 2023 NABS set out the 3-year reputation objective to be recognised as the essential industry body for advancing mental wellness across our whole community and therefore supporting long term growth. 2024 was a year of measurement and foundation setting for the NABS brand, with significant investment being made in a brand refresh and website upgrade, improved segmentation and targeting and increased capabilities in data and reporting.

The following was achieved:

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N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

All the above is underpinned by our organisation’s culture.

In 2024, NABS focused on embedding working practices that support connection, inclusion, and purpose across the organisation. We introduced the use of psychometric tools and dedicated days of connection via our monthly and quarterly team days to strengthen team insight and collaboration. In 2025, this focus will be even more critical - to sustain and build further on team connection, collaboration, and mental wellness while supporting continued high performance across the organisation.

PLANS FOR FUTURE PERIODS

In Q4 2024 the NABS leadership team and board of trustees set out focused objectives for 2025 as part of the continued plan to eradicate the deficit by 2026.

The main areas of focus in 2025 across services, marketing and fundraising are as follows:

NABS Services priorities –

NABS Fundraising priorities -

NABS Marketing priorities –

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N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

The following areas are considered of critical importance over the coming years:

NABS is committed to using its new brand positioning and website alongside it’s fundraising engagement campaign and its tailored service provision to ensure that even more people than ever before are aware of NABS vital services and can access the support they need to advance their mental wellness in 2025. With industry headlines dominated by mental health and burnout there has never been a more significant time for NABS to make a positive difference to the lives of individuals working in advertising, marketing and media and the team’s commitment is high and ambitious to help us reach our goals on behalf of the industry.

FINANCIAL REVIEW

The principal funding sources of the organisation are voluntary income and donations (£2.1m (2023: £2.1m)) and charitable trading activities (£0.8m (2023: £0.6m)). The consolidated results for the end of the year produced income of £2.9m (2023: £2.7m), against expenditure of £3.2m (2023: £3.6m). NABS Trading Limited, a wholly owned subsidiary of the Charity, is responsible for the organisation of the annual Stranger than Summer Charity Ball, Fast Forward training programme, timeTo training and NABS Training and earned a profit before taxation of £373,744 (2023: £233,367) and distributed £371,747 to NABS (2023: £232,450). The operating deficit of the consolidated accounts (including unrealised gain from investment assets of £113,443) was £218,027 (2023: £725,451 deficit). The year end net assets were £2.7 m (2023: £2.9m).

GRANT MAKING POLICY

It is NABS’ aim, through the provision of financial assistance combined with practical support, to help improve and champion the wellbeing of those in our industry, put its beneficiaries in a better position for the future, allow its beneficiaries to take charge of their lives and enable its beneficiaries to live independently.

Applications for financial support are made by completing an application form and by providing supporting information. These are reviewed to assess the applicant’s career history and financial circumstances against NABS’ eligibility criteria. Those applicants who meet the criteria are agreed by the Support Team within their delegated amounts or referred up (to the Director, CEO or Trustee) as required.

The Finance Committee receives an overview of NABS grants monthly.

INVESTMENT POLICY AND PERFORMANCE

The Finance Committee manages the Charity’s investments together with an appointed professional advisor on behalf of the Charity. The application of the investment assets is reviewed regularly with a desire to achieve improved investment performance without exposing the charity’s assets to unreasonable investment risks. In accordance with the investment policy, investments are held in a discretionary managed portfolio.

Page 11

N A B S (A charitable company limited by guarantee) TRUSTEES’ REPORT

The NABS listed portfolio has decreased from £2,118,450 to £1,979,602 during the year which included a drawdown of £257,857 to aid cashflow. Although the markets have continued to be volatile in 2024 due to economic factors the portfolio rallied with an increase of £119,009 (6.4%) in value shown at the year-end. No targets were set for 2024 nor have been for the year ahead but a regular update on cashflow is key to pinpoint if further drawdown is needed to aid cashflow.

RESERVES POLICY

Consideration for the reserves strategy is normally made in three ways:

Based on the risks to income as set out in this report and accounts, reserves are held in case of any sudden decline in income and to ensure that commitments to providing services for financial support and grants to beneficiaries can be made with some confidence whilst ensuring reserves are not held at unnecessarily high levels. As at 31 December 2024, the Group’s free reserves (excluding restricted and designated funds, and tangible fixed assets) amounted to £2.4m (2023: £2.6m). With estimated annual net expenditure of £2.9 million per the 1QF 2025 budget, this means 9.8 months forward unrestricted expenditure would be covered at the year-end.

The focus continues to be on a sustainable future through technology and innovation to expand NABS’ reach and bring cultural change focusing on diversity and inclusion. Due to Covid-19 the Trustees reviewed the reserves policy in 2021 and based on the severity of the medium-term loss incurred, they agreed a policy of between 6 to 11 months as their longer-term goal to enable NABS’ to increase income and reduce costs. The policy was reviewed again in 2024 with the Trustees agreeing to keep the 6 to 11 month policy and review again once break even was achieved.

The designated reserves are currently for the use of benefiting NABS’ beneficiaries living at Peterhouse upon request with no current time limit on their use. Two of the three restricted reserves are donations made and spent annually with any balance carried forward to the next year. The David Pilton award is a one-off donation that has been reducing gradually each year, currently being used to support NABS’ Ambassador Programme.

PUBLIC BENEFIT

The Trustees have complied with their duty to have due regard to the guidance on Public Benefit published by The Charity Commission in exercising their power or duties. NABS’ ‘public’ is anyone who has spent a large proportion of their career working in the marketing services industry (“the industry”) and suppliers whose businesses specialise in providing services to the industry and any persons who have or have at any time been dependent upon any person engaged in the Industry. The ‘benefit’ offered to this community includes the provision of crisis grants, advice, support, career coaching, promotion of physical and mental health and wellbeing, the advancement of education in the marketing, advertising and creative industries and high professional standards and the promotion of equality and diversity in the industry.

AUDITOR

RSM UK Audit LLP has indicated its willingness to continue in office.

Approved by the board of trustees on 16 July 2025 and signed on its behalf by

Yorn Sr

Karla Smith Treasurer

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N A B S (A charitable company limited by guarantee) STATEMENT OF TRUSTEES’ RESPONSIBILITIES

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of NABS for the purposes of company law) are responsible for preparing the Trustees' Annual Report (incorporating the Directors’ Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDITOR

The Trustees (who are also directors for the purposes of company law) in office on the date of this report have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees has confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

Page 13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF NABS

Opinion

We have audited the financial statements of NABS (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

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However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, and tax legislation. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, and remaining alert to any new or unusual transactions which may not be in accordance with the governing documents.

The audit engagement team identified the risks of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates, using analytical techniques to test actual incoming resources to expected amounts (including a comparison with the prior year) and testing revenue around the end of the financial year.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

RSra Uk awk

NICHOLAS SLADDEN (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor

Chartered Accountants 25 Farringdon Street London EC4A 4AB Date 25 July 2025

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 16

N A B S (A charitable company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including the Income and Expenditure Account) For the year ended 31 December 2024

Notes
Unrestricted
Funds
2024
£
Restricted
Funds
2024
£




Income from:
Donations and legacies
1
2,005,835
64,000
Other trading activities
1
782,726
-
Investments
1
22,411
-


Total income
2,810,972
64,000
_
_
Expenditure on:
Raising funds
2
1,836,933
-
Charitable activities:
Grant making
3
259,703
45,629
Careers Counselling/Advice Line/Governance
3
1,064,177
-
_


Total expenditure
3,160,813
45,629
Net gain on investments
9
113,443
-
_
_
Net income/(expenditure)
7
(236,398)
18,371
_
___
Net movement in funds
(236,398)
18,371
Fund balances brought forward at 1 January
2,826,415
92,501
_
Fund balances carried forward at 31 December
14a
2,590,017
110,872

 Total
Funds
2024
£




2,069,835
782,726
22,411
2,874,972
1,836,933
305,332
1,064,177


3,206,442
113,443
_
(218,027)
_
(218,027)
2,918,916
___
2,700,889
 Total
Funds
2023
£
2,057,882
630,539
18,067
2,706,488
2,132,450
298,780
1,193,595

3,624,825
192,886
_
(725,451)
_
(725,451)
3,644,367
___
2,918,916

Page 17

N A B S (A charitable company limited by guarantee) BALANCE SHEETS – CONSOLIDATED AND CHARITY

At 31 December 2024 Company Registration No: 03588945

Group Group Charity Charity
Notes
2024 2023 2024 2023
£ £ £ £
FIXED ASSETS
Tangible assets 8 13,950 7,332 13,950 7,332
Investments 9 1,979,602 2,118,450 1,979,604
 2,118,452
_
_
1,993,552 2,125,782 1,993,554
 2,125,784
__
__
CURRENT ASSETS
Debtors 10 562,063 662,131 435,592 537,522
Cash at bank and in hand 588,620 668,922 550,129
 562,987
1,150,683 1,331,053 985,721 1,100,509
CREDITORS: Amounts falling due
within one year 11 (443,346) (537,919) (303,189)
 (330,688)
NET CURRENT ASSETS 707,337 793,134 682,532
_		 769,821
_
TOTAL NET ASSETS 2,700,889 2,918,916 2,676,086 2,895,605
_ __
_ _ __ __
Represented by:
FUNDS
Restricted Funds 12 110,872 92,501 110,872 92,501
Unrestricted funds:
Designated funds 13 171,262 187,662 171,262 187,662
General funds 14 2,418,755 2,638,753 2,393,952
__		 2,615,442
__
TOTAL FUNDS 2,700,889 2,918,916 2,676,086 2,895,605
__ __

The Charity’s deficit for the year was £219,519 (2023: £726,269 deficit).

16 July 2025 and signed on its behalf by

Karla Smith Trustee

Page 18

N A B S (A charitable company limited by guarantee) CONSOLIDATED CASH FLOW STATEMENT for the year ended 31 December 2024

OPERATING ACTIVITIES
Notes
Cash (used in) operations
15a
Corporation taxes paid

Net cash (used in) operating activities
INVESTING ACTIVITIES
Purchase of tangible fixed assets
Purchase of investments
Sale of investments
Interest received
Dividends received
Net cash generated by investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
15b		 _
 2024
£
(344,730)
(500)
__
(345,230)

(9,774)
(5,566)
257,857
19,887
2,524
_
264,928
(80,302)
668,922

588,620
 2023
£
(556,002)
(110)
_
(556,112)
(6,748)
(10,232)
646,641
11,097
6,970
_
647,728
91,616
577,306
668,922

Page 19

N A B S (A charitable company limited by guarantee) ACCOUNTING POLICIES

NABS is a charitable company limited by guarantee incorporated in England and Wales. The registered office can be found on page 1.

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with 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 October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

NABS 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 note(s).

GROUP FINANCIAL STATEMENTS

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1. The financial statements consolidate the results of the charity and its wholly owned subsidiary NABS Trading Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

GOING CONCERN

The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees’ Report.

The Charity continues to have a good level of reserves and some of these are planned to continue being deployed in 2025 to ensure demand for services from our beneficiaries is met, to ensure the organisation invests in projects that focus on its long term sustainability with a view to breakeven by 2026. These reserves are readily realisable via the investment portfolio. During 2024 £257,857 (2023: £632,185k) was drawn down from the portfolio to aid cashflow.

Despite an industry that was substantially hit by the pandemic and affected by the current macro economic challenges, the annual commitments from the Marketing, Communications and Advertising Sector, who are both the chief source of donations and form our main beneficiary group, remain positive. The annual budgeting and quarterly reforecasting process are input into a longer term, 5 year financial planning model to identify risk points. The fundraising team review and research the market re media and corporate donations and hope to breakeven by 2026 and be in profit thereafter. Cashflow forecasting (generated from the budget/reforecasts) ensures funds are available to support NABS as a going concern. Long term financial planning scenarios also look at likelihood and impact of risks and determine a timeline for key decision making ie stop/start of investment projects, cost cutting measures and investment drawdown to aid cashflow. With these processes in place the Trustees believe the group is well placed to manage its business risk successfully.

Due to the above reasons the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of the designated funds is set out in the notes to the financial statements. The funds are used at the discretion of the Executive Committee.

Restricted funds comprise of funds that have been given to NABS on condition that they are expended on purposes specified by the donor.

Page 20

N A B S (A charitable company limited by guarantee) ACCOUNTING POLICIES

INCOME

Voluntary income is included in the accounts on the basis of amounts notified to the charity as a probable receipt or more likely than not to be received for the financial year. The income from activities including fundraising events for generating funds is included in the accounts on a receivable basis. Investment income is credited as income on a receivable basis. Media donations are recognised when the sale of the advertising space is certain. All other income is included on an accruals basis, once there is sufficient certainty over entitlement and measurement and it is probable that the income will be received. Where income has been received in advance, or conditions for receipt have not been met, this is treated as deferred income.

LEGACIES

Legacies are credited as income on the basis of amounts notified to the charity at the period end as receivable. This is on an accruals basis, once there is sufficient certainty over entitlement and measurement and it is probable that the income will be received.

LISTED INVESTMENTS

Investments are all single priced funds. Realised and unrealised gains and losses on investments are added to or deducted from the general unrestricted funds. Realised gains and losses in the year represent the difference between the disposal proceeds and in year purchase cost or the market value at the beginning of the year. Realised and unrealised gains and losses are dealt with in the Statement of Financial Activities. Investment income is treated on initial recognition and subsequent measurement then credited to income on an accruals basis, using dates of payments for dividends and daily accrual for interest. Investments are initially recognised at cost and are subsequently measured at fair value at each reporting date.

VALUE ADDED TAX

Value added tax is not recoverable by the charity, and as such is included within the relevant costs in the Statement of Financial Activities. The wholly owned subsidiary is registered for VAT, which is recovered/accrued for as required.

OPERATING LEASES

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor are reflected in the Statement of Financial Activities on a straight line basis over the lease term.

EXPENDITURE

The areas in which resources are expended are in Charitable Activities (as per the charitable objectives); Fundraising (expenditure incurred in inducing people and organisations to contribute financially to the charity’s work; this includes the cost of staging of special fundraising events); and Governance (all expenditure relating to constitutional and statutory costs, including the cost of external audit).

ALLOCATION OF COSTS

Direct costs are recorded under the appropriate heading. Indirect support costs include overhead costs, finance, personnel, payroll and governance costs allocated on a time apportionment and square footage basis. Governance costs include audit fees and legal and professional fees as direct costs plus indirect costs on the same basis as support costs.

Wages and salaries have been allocated between appropriate cost headings according to the duties and responsibilities of the individual staff.

WELFARE GRANTS AND LOANS

Grants and loans are made by the charity in furtherance of its aims. Grants are charged as resources expended on an accruals basis. Loans advanced are included as an asset of the charity and included as Programme Related Investments held at cost less accumulated impairment. Interest receivable on the loans advanced, where applicable, is credited as incoming resources in the Statement of Financial Activities on an accruals basis. NABS no longer offers long or short term loan facilities to its beneficiaries. The final loan was repaid in 2023.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at historical cost less depreciation. Individual fixed assets costing £1,000 or more are capitalised at cost.

Page 21

N A B S (A charitable company limited by guarantee) ACCOUNTING POLICIES

Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-

Furniture and equipment 10-20% straight line Computer equipment 20-33⅓% straight line Office furniture and equipment 20% straight line

PENSION SCHEME ARRANGEMENTS

The charity operates a defined contribution pension scheme which is funded by contributions partly from the employees and partly from the charity. Such contributions are held in trustee-administered funds completely independent of the charity’s finances. The amount charged to the Statement of Financial Activities in respect of pension costs is the contributions payable in the period. Unpaid amounts at the year end are included in other creditors.

DEBTORS

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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 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 trade and other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost being the transaction price less any amounts settled and impairment losses.

IMPAIRMENT OF FINANCIAL ASSETS

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying

Page 22

N A B S (A charitable company limited by guarantee) ACCOUNTING POLICIES

amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

DERECOGNITION OF FINANCIAL ASSETS

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, which include trade and other payables, amounts owed to group undertakings and accruals, are initially recognised at transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

DERECOGNITION OF FINANCIAL LIABILITIES

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Page 23

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
1
INCOME FROM DONATIONS AND LEGACIES
Donations
Legacies
Restricted donations
INCOME FROM OTHER TRADING ACTIVITIES
Fundraising events
Sponsorship
Training
INCOME FROM INVESTMENTS
Income from listed investments - dividends
- interest
Bank interest receivable
2
EXPENDITURE ON RAISING FUNDS
Fundraising costs
Brand relevance/marketing costs
3
EXPENDITURE – ALLOCATION OF SUPPORT COSTS
2024
Direct
Costs
£
2024
Indirect
Support costs
£
2024
Total
£
Grant making
305,332
-
305,332
Careers/counselling/
Advice Line
321,328
588,364
909,692
Governance
59,287
95,198
154,485
685,947
683,562
1,369,509		 2024
£
2,005,835
-
64,000

2,069,835

2024
£
476,495
47,700
258,531

782,726

2024
£
2,524
3,042
16,845

22,411

2024
£
1,146,742
690,191

1,836,933

2023
Direct
Costs
£
2023
Indirect
Support costs
£
298,780
-
368,112
643,668
65,780
116,035
732,672
759,703		 2023
£
1,994,389
250
63,243
2,057,882
2023
£
423,402
39,000
168,137
630,539
2023
£
6,970
3,262
7,835
18,067
2023
£
1,206,654
925,796
2,132,450
2023
Total
£
298,780
1,011,780
181,815
1,492,375		 2023
£
1,994,389
250
63,243
2,057,882
2023
£
423,402
39,000
168,137
630,539
2023
£
6,970
3,262
7,835
18,067
2023
£
1,206,654
925,796		 2023
£
6,970
3,262
7,835
18,067
2,132,450

Page 24

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

Charitable grants are made solely to individuals on a case by case basis. No grants given were material in size and all related solely to welfare. The total number of beneficiaries in both years was in excess of 100.

4
INDIRECT SUPPORT COSTS
Provisions, catering and utility costs
Property and equipment maintenance
Other operating costs and depreciation
5 ANALYSIS OF STAFF COSTS AND THE COST OF KEY
MANAGEMENT PERSONNEL
The average number of staff employed by the charity was:
Fundraising
Welfare and counselling
Administration and management
Their total remuneration was:
Wages and salaries
1
Social security costs
Pension costs

1
 2024
£
77,636
54,354
551,572
_
683,562
__

2024
No
9
13
11

33

2024
£
,598,431

165,662
65,782

,829,875

 2023
£
96,444
75,367
587,892
_
759,703
__
2023
No
9
15
15
39
2023
£
1,642,348
155,081
69,579
1,867,008

The amounts above include ex gratia payments as a result of redundancies for 3 members of staff of £16,823 in 2024 (2023: £3,845).

The key management personnel of the group and parent charity comprise the Chief Executive Officer, Corporate Services Director and the Department Directors. The total employee benefits of the key management personnel of the charity were £564,931 (2023: £538,861) including employer’s NI of £62,706 (2023: £58,037).

The number of employees whose emoluments (salaries, wages and benefits in kind) fell within the following bands is:

bands is:
2024 2023
No No
£60,001 - £70,000 - 1
£70,001 - £80,000 1 1
£80,001 - £90,000 2 1
£90,001 - £100,000 1 1
£150,001 - £160,000 - 1
£160,001 - £170,000 1 -

During the year pension contributions on behalf of these staff amounted to £23,781 (2023: £22,059).

Page 25

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

6 PAYMENTS TO TRUSTEES

No remuneration was paid to the trustees in the period (2023: £nil). Reimbursed expenses (i.e. travel and stationery) amounted to £nil (2023: £nil). The number of trustees reimbursed expenses was £nil (2023: £nil).

7 NET EXPENDITURE

The net expenditure for the group is stated after charging:
Depreciation
Operating lease costs - land and buildings
- other
Auditor’s remuneration - Statutory Audit - current year
- Corporation tax		 2024
£
3,156
140,414
3,299
37,500
7,542
 2023
£
234,462
160,470
5,944
36,250
3,690

8 TANGIBLE FIXED ASSETS -

GROUP AND CHARITY

GROUP AND CHARITY
Office
refurbishment
£
Furniture
and
equipment
£
Computer
equipment
£
Cost
1 January 2024
369,202
29,063
13,649
Additions
2,592
-
7,182

31 December 2024
371,794
29,063
20,831

Depreciation
1 January 2024
362,455
28,478
13,649
Charged in the period
-
2,524
632
_
_
31 December 2024
362,455
31,002
14,281
Net book value
31 December 2024
9,339
(1,939)
6,550

31 December 2023
6,747
585
-		 Total
£
411,914
9,774

421,688

404,582
3,156

407,738

13,950
_
7,332
_

Page 26

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

9 INVESTMENTS – GROUP AND CHARITY
2024
£

Listed in the UK
1,979,602
Unlisted (charity only)
2

1,979,604

Investments listed in the UK
Market value as at 1 January
Disposal of investment during the year
2,118,450
(257,857)
Income re-invested
5,566
Net gain/(loss) on investments
113,443

Market value at 31 December
1,979,602

All the charity’s listed investments are held in a single investment account.
The market value of these investments as at 31 December 2024 comprises:
2024
£
Listed UK Investments
1,979,602
_Unlisted investments
NABS holds more than 20% of the equity of the following undertaking:
Subsidiary undertaking
Class of holding
Proportion held
Nature of business
NABS Trading Limited
Ordinary
100%
Fundraising events
10 DEBTORS
Group
2024
£
Group
2023
£
Charity
2024
£
Amounts due from group undertakings
-
-
-
Event debtors
285,443
353,445
205,121
Prepayments and accrued income
276,620
308,686
230,471
_
562,063
662,131
435,592		 2023
£
2,118,450
2
2,118,452
2,547,517
(632,185)
10,232
192,886
2,118,450
2023
£
_2,118,450
Charity
2023
£
2,711
228,296
306,515
_
537,522

Page 27

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

11 CREDITORS: Amounts falling due within one
year
Amounts due to group undertakings
Trade creditors
Other taxation & social security
Other creditors
Corporation tax
Accruals and deferred income		 Group
2024
£
-
68,662
61,010
12,398
500
300,776
443,346		 Group
2023
£
-
58,695
75,353
19,833
110
383,928
537,919		 Charity
2024
£
38,671
13,412
57,346
12,398
-
181,362

303,189		 Charity
2023
£
-
58,695
57,273
19,943
-
194,777
330,688

Included in other taxation & social security is an amount of £11,029 (2023: £10,985) in respect of outstanding pension contributions.

Deferred income: 2024 2023
£ £
Deferred income brought forward 219,932 156,175
Amounts deferred in the year 139,138 219,932
Amounts released in the year (219,932)
 (156,175)
Deferred income carried forward 139,138
 219,932

Deferred income relates to Stranger than Summer tables and donations, Ride Adland teams and NABS Golf teams, billed in 2024 deferred to 2025 when events take place. Also timeTo, NABS training and Fast Forward delegate income has been deferred as training is not due to take place until 2025.

12 RESTRICTED FUNDS

NABS holds three funds, for encouragement of excellence in the industry, which give awards for training.

The first is the Talent Awards (previously known as Future Leaders Fund), established in 2005, with funding from WACL (Women in Advertising and Communications, London). The purpose of the fund is to provide vocational training in the marketing and communications industry.

The second fund is for an award established in the memory of David Pilton, who died in 1996. David founded the Soho-based agency David Pilton Advertising (DPA) in 1960. DPA and the agency’s former chairman, John Duncombe, have chosen to donate a sum of money to be used to support and inspire people in the first five years of their communications careers.

The third fund is for an initiative called timeTo established in 2018. NABS has partnered with WACL and the Advertising Association (AA) in working towards eradicating sexual harassment in the advertising and marketing industry.

Page 28

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

Talent Awards
As at 1 January 2024
Received
Expended
As at 31 December 2024
David Pilton Award
As at 1 January 2024
Expended
As at 31 December 2024
timeTo donation
As at 1 January 2024
Received
Expended
As at 31 December 2024
Total Restricted Funds		 £
66,475
38,000
(26,229)
__
78,246
9,745
-

9,745
16,281
26,000
(19,400)
_
22,881
____
110,872

13 UNRESTRICTED FUNDS – DESIGNATED

The funds of the group and charity includes the following designation which has been set aside out of unrestricted funds for specific purposes.

Age related
Fund
£
As at 1 January 2024 187,662
Expended (16,400)
As at 31 December 2024 171,262

The Age related fund was designated to use part of the monies from the sale of Peterhouse to continue to do work around the older industry community and benefit the beneficiaries of NABS living at Peterhouse. These plans have been delayed.

Page 29

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

14a ANALYSIS OF MOVEMENT BETWEEN FUNDS - GROUP

Unrestricted
General
Funds
2024
£
Unrestricted
Designated
Funds
2024
£
Restricted
Funds
2024
£
At 1 January 2024
2,638,753
187,662
92,501
Income
2,810,972
-
64,000
Expenditure
(3,144,413)
(16,400)
(45,629)
Realised/unrealised losses
113,443
-
-
_
_
____
At 31 December 2024
2,418,755
171,262
110,872
_
_
____
Unrestricted
General
Funds
2023
£
Unrestricted
Designated
Funds
2023
£
Restricted
Funds
2023
£
At 1 January 2023
3,362,131
197,264
84,972
Income
2,643,245
-
63,243
Expenditure
(3,559,509)
(9,602)
(55,714)
Realised/unrealised losses
192,886
-
-
_
_
____
At 31 December 2023
2,638,753
187,662
92,501


 Total
2024
£
2,918,916
2,874,972
(3,206,442)
113,443
_
2,700,889
_
Total
2023
£
3,644,367
2,706,488
(3,624,825)
192,886
___
2,918,916

14b ANALYSIS OF MOVEMENT BETWEEN FUNDS - CHARITY

Unrestricted
General
Funds
2024
£
Unrestricted
Designated
Funds
2024
£
At 1 January 2024
2,615,442
187,662
Income
2,509,123
-
Expenditure
(2,844,056)
(16,400)
Realised/unrealised losses
113,443
-
_
_
At 31 December 2024
2,393,952
171,262

 Restricted
Funds
2024
£
92,501
64,000
(45,629)
-
__
110,872
 Total
2024
£
2,895,605
2,573,123
(2,906,085)
113,443
___
2,676,086

Page 30

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

Unrestricted
General
Funds
2023
£
Unrestricted
Designated
Funds
2023
£
At 1 January 2023
3,339,638
197,264
Income
2,347,536
-
Expenditure
(3,264,618)
(9,602)
Realised/unrealised losses
192,886
-
_
_
At 31 December 2023
2,615,442
187,662

 Restricted
Funds
2023
£
84,972
63,243
(55,714)
-
__
92,501		 Total
2023
£
3,621,874
2,410,779
(3,329,934)
192,886
___
2,895,605

14c ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
General
Funds
2024
£
Unrestricted
Designated
Funds
2024
£
Restricted
Funds
2024
£
GROUP
Fixed assets
13,950
-
-
Investments
1,979,602
-
-
Net current assets
425,203
171,262
110,872
_
_
2,418,755
171,262
110,872
_
_

CHARITY
Fixed assets
13,950
-
-
Investments
1,979,604
-
-
Net current assets
400,398
171,262
110,872
_
_
2,393,952
171,262
110,872

 Total
Funds
2024
£
13,950
1,979,602
707,337
2,700,889
13,950
1,979,604
682,532
2,676,086

Page 31

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

Unrestricted
General
Funds
2023
£
Unrestricted
Designated
Funds
2023
£
Restricted
Funds
2023
£
GROUP
Fixed assets
7,332
-
-
Investments
2,118,450
-
-
Net current assets
512,971
187,662
92,501
_
_
2,638,753
187,662
92,501
_
_

CHARITY
Fixed assets
7,332
-
-
Investments
2,118,452
-
-
Net current assets
489,658
187,662
92,501
_
_
2,615,442
187,662
92,501

 Total
Funds
2023
£
7,332
2,118,450
793,134
2,918,916
7,332
2,118,452
769,821
2,895,605
15a
GROUP
CASH FLOWS
Reconciliation of net expenditure to cash used in operations
Net (expenditure)
Adjustments for:
Depreciation on tangible fixed assets
Dividends and interest receivable
Loss on investments
Taxation
Operating cash flow before movements in working capital
Decrease/(increase) in trade and other debtors
Increase/(decrease) in trade and other creditors
Cash used by operations
15b
Analysis of net funds and net debt
reconciliation
At
1 January
2024
£
Cash at bank and in hand
668,922
Total
668,922		 2024
£
(218,027)
3,156
(22,411)
(113,443)
500
(350,225)
100,068
(94,573)
_
(344,730)
Cash
flow
£
31
(80,302)

(80,302)		 2023
£
(725,451)
234,462
(18,067)
(192,886)
110
(701,832)
76,089
69,741
_
(556,002)
At
December
2024
£
588,620
588,620

Page 32

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

16a COMMITMENTS UNDER OPERATING LEASES

At 31 December the company had commitments under non-cancellable operating leases as follows:

Land and buildings
within one year
two to five years
Other
within one year
two to five years		 2024
£
125,229
366,972
4,205
4,030
500,436
 2023
£
131,820
518,251
4,205
8,234

662,510

16b OTHER FUTURE COMMITMENTS

Pension contributions

The charity makes contributions to an individual’s pension scheme, subject to a maximum of 5% of the employee’s annual salary. The assets of the scheme are held separately from the assets of the charity. Contributions to the scheme are charged to the Statement of Financial Activities on an accruals basis. Pension costs amounted to £65,782 (2023: £69,579) and are included within salary costs. The charity expects to pay £72,172 in 2025.

17 RELATED PARTY TRANSACTIONS

The charity has a wholly owned subsidiary, NABS Trading Limited. NABS Trading Limited transferred £371,747 to NABS as a distribution (2023: £232,450). As at the year-end, NABS Trading Limited owed £371,747 (2023: £232,450) to the Charity. Amounts owed by the charity were £38,671 (2023: owed to the Charity £2,711), this being payments received being transferred between NABS Trading Limited and the Charity bank accounts. NABS receives donations from various companies to support its activities. S Daglish, N Bell, Karla Smith, & Dominic Carter were Trustees of NABS and also connected to companies that have made donations to NABS in the year totalling £280,653 (2023: £308,513). The balances due from these companies at the year end was £7,580 (2023: £7,644).

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N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

18 SUBSIDIARY UNDERTAKING

A summary of the results of NABS Trading Limited is shown below:

NABS Trading Limited (company no: 03834446), 8 Smarts
Place, London. WC2B 5LW
Turnover
Other operating expenses
Operating profit
Profit on ordinary activities before taxation
Taxation
Retained profit/(loss) for the year
Profit and loss reserve at 1 January
Gift Aid distribution paid
Profit and loss reserve at 31 December
The aggregate of the assets, liabilities and funds was:
Current assets
Creditors: Amounts falling due within one year
Net assets		 2024
£
673,596
(299,852)
_
373,744
_
373,744
(500)
_
373,244
23,298
(371,747)
_
24,795
_
203,625
(178,828)
_
24,797		 2023
£
528,159
(294,792)
_
233,367
_
233,367
(110)
_
233,257
22,491
(232,450)
_
23,298
_
233,255
(209,955)
_
23,300

Page 34

N A B S (A charitable company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024

19 TAXATION ON PROFIT FOR THE YEAR
2024
£
Current tax – UK corporation tax
500
____
The tax assessed for the period is equivalent to the standard effective rate of corporation tax
in the UK for the year ended 31 December 2024 of 25% (2023 : 25%) as shown below:		 2023
£
110
____
2024 2023
£ £
Profit on ordinary activities before tax 373,744 233,367
Profit on ordinary activities before tax multiplied
by the standard rate of corporation tax for small 93,436 44,340
companies 25% (2023 : 25%)
Less gift aid (non-taxable) (92,936) (44,230)
______ ______
Current tax charge 500
______		 110
______

No provision has been made for deferred tax as there were no capital allowances claimed in the year or any timing differences.

There are no specific factors that affect future tax charges. The tax charge arises in NABS Trading Limited.

20 FINANCIAL INSTRUMENTS
Group Group Charity Charity
2024 2023 2024 2023
The carrying amounts of financial instruments were £ £ £ £
As follows:
Financial assets:
Financial Assets held at fair value 1,979,602 2,118,450 1,979,602 2,118,450

Page 35