Charlty reglstratlon number 1171216 NATIONAL OPERATIC AND DRAMATIC ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Patrons The Lord Lloyd-webber Connie Fisher Truslees and Regional Counclllors Christine Hunter Hughes. President from 16 Seplembei 2023 Nick Lawrence, President until 16 September 2023 Graham Liverton, Vice President from 16 September 2023 Chrisline Hunter Hughes, Vice President until 16 September 2023 Nick Lawrence. Immediate Past President from 16 September 2023 Goidon Richardson, Immediate Past President until 16 September 2023 lan G Cox, Chairman Stuart McCue-Di¢k, Vice Chairman John Barnes, Life Member representslive Gordon Richardson, Life MeTnber representative from 16 September 2023 Michael Ha5tilow, Life Member represenlalive until 16 September 2023 Jacqueline Sledman, Chairman NODA Theatre Summer School Tessa Davies, Regional Counc411or. East Jules Jones. Regional Councillor, East Midlands Pamela Armstrong, Règional Councillor, London Peter Oliver, Regional Councillor, North Leslie Smith, Regional GouncillDr, North East Andy M¢Ni¢holas, Regional Councillor. North Wesl SILJart McCue-Dick, Regional Councillor, Scotland Kay Rowan, RegiDnal Councillor, South East Giahaw Liverton, Regional Councillor. South West Sharon Davies. Regional Councillor. Wales and Ireland Andy Brown, Regional Councillor, West Midlands Charity number 1171216 Prln¢lpal address 15 The Metro Centre Woodslon Peterborough Cambridgeshire United Kingdom PE2 7UH Auditor Azets Audit Services Weslpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ Bankers Unity Trust Bank Four Brindley Place Birmingham B1 2HB
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Prlncipal staff Dale Freeman, Chief Operating Officer Rob Williams, Markeling and Publishing Michelle Callicott. Finance Manager Liam Nixon, Marketing & Membership SeIs Assistant lJoined 8 August 20231 Heathei Knapp, SecrelarylAdminislralor (Joined 21 November 20231 NODA Limlted NODA Ltd, a wholly owned subsidiary of the Association. Registered Number 00241572 Registered office- 15 The Metro Centre. Pelerborough. PE2 7UH Directors - Eric Smart Ichaiimanl. Michael Haslilow. lan G Cox. Christine Hunter Hughes, Pamela Amislrong, Fred Piggford IRe5igned 16 October 20231. Neil Maidman IResigned 17 August 20231
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION CONTENTS Page Trustees, report Stalèmenl of trustees, responsibilitie5 Independent auditor's report 8-10 Statement of financial activities 11- 12 Balance sheets ststement of c85h flows Notes lo the financial slalemenls 15-36
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Board of Tmslees present their report together with the audited fi'nancial statements of National Operatic and Drarllalic Association CIO, the Charity, and the Group, for the year ended 31 December 2023. Reference and adminislralive Information sel out on the previous pages form part of this rèport. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial sl8lements and comply with the CIO'S governing document, the Charilies Act 2011 and 'Accounting and Reporting tiy Charities". Slalemenl of Recommended Practice applicable to charities preparing their accounts In accordance with the Financial Reporting S18ndard applicable In the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Oblectlves and a¢tlvltl¢$ The objects of the association are to advan education by promoting and improving the art of Mus, theatre and drama lo stimulat¢ public appre¢ialion ol such arts, generally lo cullivale the improvement ol wblic taste in such arts ancl lor those purposes lo do all or any of the following.. To organise and arrange schools and coijrses. To provide a general advisory and advocacy service To publish information about amateur theatre. To hold conferences and meetings. and To do all such things as are in¢idenl81 or conducive lo the attainment of the above objects or any of them. NODA alms To give a shared voice to the amateur theatre secloi. To help amateur theatre groLJPS and individuals achieve the highest sl8ndarLYs of best practice and performance To provide leadership and advice lo enable the amateLJr theatre sector to tackle the challenges and Dpportunities ol the 21st Century. NODAVision Following the culmination of two years, work, In 2024, we have developed a new vision for NODA of the future Al the heart ol our new strategy 15 a challenge, and il is one io embrace il we are to ensur& that NODA, in the fuluie, fuifilg its potènti31 and has thè graatèst In)p3Ct going forwards. That challenge is to make sure that NODA is - and Is known for and respected for being - relevant, visible and valued. Relevant.. If we are to thrive. we must make SLJre that we celebrate. support 8nd champion all of arymleur theatre and that. as well as providing the SLJPPOrt and services our members need, we are al the centre ol conversatlQnS about amateur theatre and Its many benefits By supporting members, championing thè sector and rèsp(nding lo issues and opportunities on their behalf. we can continue to inspire and lo create opportunity for i ndividuals. groups and their communities. Visible.. we are going to take a leading role in promoting the unique benefits and positive impacts of this wonderful pastime, as well as 5UPPOrtin9 our members lo spread the word. Together, we will continue lo inspiie all the audiences and stakeholders who can help our members, and NODA, lo Ihiive. Valued NODA must recognise that we are here for the benefit of our members and volunteer community. So we will always provide support and services ol the highest quality and effectiveness for them. as well as helping lo create opportunity., so that we can help them lo be the best they can be and lo thrive. )elher Il Is lobbying govemment on current issues affecting our sector. or continuing lo support member5 to put on the best shows in their communities. NODA is here for amateur theatre al every stage.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Voluntee The As50cialion relies on ils volunteers to deliver ils objectives al regional level. There are 196 volunteers in total, including members Df council, regional representatives (elected by members in their dislficII, regional officers Isecrelaries, treasurers membership se¢relaries and youth coordinalorsl and c¢>OPted members of règional committees SLJch as editors and awards secretaries. Regional comrnittees across 11 regions are responsible for the provision of vi51ts by regional represenlalives an(1 other volunteers lo affiliated societies and regional confeiences, as well as being responsible lor ¢onlribuling lo mag?zines and newsletters, workshops and advising members, in line with the objects of the charity. Head Office Staff The team al Head Office are led by Chief Operating Offir. Dale Freeman. We are oreatly indebted to all members of staff for their dedication and support. NODA contributes to personal defined contribution pension schemes The salaries of Head Office staff are set following appraisals and consideration of locally benchmarked salarie5. Achlevements and perfomian¢e The overriding strategy for the period was for the Association lo be proactive in contacting members lo offer and provide Increased direct support. as well as continuing to explore opportunities for joint working. Metnbership As ol December 2023. the number ol society members was 1,945. compared with 1,992 as of 31 December 2022. Indiviclual and corporate membership was 586 with 690 as of 31 December 2022. NODA continues its strategy of exploring the potential and Improved services lo members. Membership Services Membership benefits include. Personal represenlalion. including regional support through NODA local committees. Exclusive NODA factsheels offering a wealth of information and guidance. NODA Tocjay magazine published 3 times a year. Pantomime scripts via a dèdicatèd wèbsite. DBS ¢he¢king and application service. NODA Insuiance Ilhrough Lloyd & Whytel. NODA Safe Iheallh & safely support and advice). Legal advice provided by Counterculture LLP. NODA Theatre Summer SGhool, which is a residential course supported by professional lulors, delivering a wde-range of amateur theatre skills and aclivilies. Corporate partner product and 5etvices benefits for members. Long service awards. meclals and badges. NODA awards are available to all NODA IndividLJal members and affiliated societies to present to their own members to recognise their contribution to amateur Ihealre. During 2023, 1.452 awards were made11,624 during 20221, including youth award5 and certificates in the year Annual regional Posler and Programme Competitions are held, with winning entries going forward to the national competition. National awards for the 2022 winners were presonled on Saturday 16th September 2023 at the National AGM In Preston.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 National Conference The seventh National ConferÈncè and AGM lor the NODA CIO took place on 16 September 2023 In Preston. Regional Conference5 and Event5 All regions held their own conference andlor AGM physically during 2023 NODA Theatr& Summer School This look place in August 2023 al Yarnfield Training C8nlré. aitracting an attendance of 178 students. Volunteer Training Valuing our volunteers is of paramount importance, and designed lo ensure we relain the ability lo deliver improvements in our service offer lo NODA members. This Is achieved via regional forums, addressing specific training needs at a local level, including specialist areas such as finance. marketing. membership Velopment and website tuition A comprehensive published Volunteers Handbook is subject to regular updates. Publishlng Magazines.. During 2023, 3 editions of NODA Today were published and circulated both onliné and by post. Website.. The website continues lo offer eccess lo a range of information and services. including the opportunity for members to publicise their productions in the 'Whal's On, section as well as online access lo pantomimes. The website had 223.260 visits In the 12 months to 31 December 2023 compared with 189,389 in the 12 monlh5 10 31 December 2022 This was an increase of 17 90/0 reflecting the increase in show reports and general NODA activity during this period as things were recovering after the pandemic. Fundraising is undertaken by the charity and monitored by the Iruslees. there are no external fundraisers. The CIO has however enjoyed the support DI the Benefact Group with a donation lo support a youth development programme. NODA Limited NODA Limited is the trading arm of the NODA. All profits generated by Ils activity were donated by Gift Aid to the CIO, to support its operation and its service to members. Profil of £51.468 12022 - £43,416) for the year lor the year ènded 31 December 2023 from NODA Limited has been Gift Aided lo the CIO NODA Insurance continues to provide cover for amateur theatre groups and provides commission income to NODA Ltd for the benefit of all members. NODA Limited continues lo act as the authors. agent for a very suecessful cal810gue of pantomime scripts. from a variety of authors. NODA Limited continues lo provide a range of long service awards, badges, eommendalion awards and youth awards lor members of affiliated societies and individual members. The r8nge ol long Service badges covers service from 5 years through to 70 years. setvice.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Public Benefit Amateur Theatre attracts on stage opportunities and a potential lor many others to be engaged behind the scenes, including In stage management, marketing. and adminislralion. NODA are able as51sI in this involvement for the many Ihous8nds of people who attend various productions as members of audiences. NODA Is also heavily involved in arranging DBS checks for Its mernbers and Interacts in negotiations with outside organisalions. The Trustees refer lo the Charity Commission'5 general guidance on Public Benefit when reviewing the aims and objectives of the Charity and in planning ils future activities. NODA Youth Our youth development programme continues to follow a strategy designed lo encourage more young people to gèt involved with amateur theatre on a voluntary basis This initiative provides young people with many opportunities lo devclop their inter-personal and other transferable skills Financial revièw The Association believes It prudent. in order lo provide reliable sèNices over the longer term. lo hold SerVeS lo absorb possible setbacks and to take advantage of changè and opportunity. Reserves are required lo.. Meet the running costs of the Association for a reasonable period, should any of its customary sources of income fall shori ol expectations or cease entirely. Absorb any shortfall in income resulting from a decline in the number ol members Support any NODA region that requires a(Idilional funding lo cope with unforeseen financial difficulties. Explore new opportunitiès for income generation which might require Initial capital investment. Reserves should ideally be equivalent to al least one year's expenditure of the As50cialion Iparentl. The Reserves Policy, and the level of reserves required to satisfy the Association's objectives, is reviewed by the Management Committee on an annual basis, and any amendments presented to the Trustees for approval. Current levels of reserves are In line with policy. Combined reserves al the year-end for the group totalled £929,848 12022- £928.1351 comprising of unrestricted funds lolalling £928,65912022- £923,328) and restricted funds totalling £98712022 £4,807). Investment Policy The investment policy ol the associatlon Is that funds in excess of current requirements shall be invested, having due regard lo the level ol those funds and to the foreseeable requirements of the association as sel out in the rèserves poli¢y. Investments are ID be made, with security and safety being the main ciileria, Trustees have a low appelile for risk. A reasonable market return Is the secondary objective. Investment income received in the year amounted to £25,367 12022 £19,748) An unrealised gain on revaluation of investments of £6.94812022 a loss of £58.4611 is incorporated into the results. The investrnenls of the association are held in charitable units compri51ng holdings with a wide geographical spread over a variety of sectois The fair value of the units had Increased by 20/0 in the year The p051tion is much affe¢led by the econornic uncertainties currently with which we are being faced and the Inslabilily this is having on investment markets.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Risk Statement A Risk Register Is mainl8ined which describes the risks lo which the Charity might be exposed and is reviewed by Trustees with procedures pul in place lo manage these iisks. The Management Committee on behalf of the trustees conducts a monthly review of the orgafjisalion's Risk Register Including the principal risk reg151er These are subject lo further review by all Trustees on a regular basis Regional Treasurers report their Region's Income and Expenditure monthly to ensure compliance with the Association's risk strategy The principal risks and un¢ertainlies of the charity relate lo the recruitment and retention of members. These are included in the priority risk register and monitore<J ¢108ely. Compliance All Trustees continue lo receive trainin9 In govèrnance and financial planning, to ensure an Ljnderstanding of, and compliance with, the role5 and iespon5ibililies of charity Iruslees. as well as improving NODA'S communications with member5 Plans for future periods As we celebrate our 125th anniversary. the final phase ol an original 5-year rolling plan has been superseded by a major project that has been developed over the last 18 months. This will Improve the service offered lo our existing members and provide an ideal platform fiom which to launch a more focu5sed membership drive. During the coming 12 months and beyond, increased Inveslwenl In resource5 and technology will create an exciting, vibrant, visible, rebrand Including a fully Integrated Interactive website that Is both relevant and highly inlormalive. Thèsè elements will provide greater value and easier access lor current NODA members, and are designed to attract new members Details of the rebrand and new website will be launehed al the AGM weekend. The adverse Impact ol COVID diminished significantly during 2023, as amateur theatre across the UK and our trading position retLJrned to normal and Is showing strong signs of returning lo pre-pandemic levels. structure. governance and management The Charity was consliluled as a Charitable Incorporated Organisalion ICIOI Registered on 20 January 2017 Bs amended on 20 Junè 2017 and 13 October 2019. Decisions relating to the strategic direction of the Charity, the correct operation of ils ¢onslitution by regional committees, staff salaries and other major financial commitments are the responsibility of the Council of Trustees Cornmittees are elected by. and aocountable lo the Trustees The Management Committee and the Summer School Commitlee, with further subcommittees andlor working groups including the National Weekend steering group and other SUgroupS convened for specific project5 andlor lime limited reviewslaclivilies. Decisions relating lo the day-to-day operation of the Association's Héad Office and delivery of services are delegated to the Chairman of Trustees. NODA is committed to training and development opportunities. Formal inductions for new Trustees are carried out by the Chairman of Trustees in advance of each one assuming office. This details the duties and responsibilities of serving as a Trustee and a member of Council. Those newly appoinied are provided with an Induction pack containing a copy ol the Association's Constitution & By&Laws, the Annual Report and Accounts. recent minutes ol Council meetings, supporting Iileralure provided by the Charity Commission and other relevant material.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Appolntment of the Council of Trustees Eleven Regional Councillors are subject to annu21 election by members in the relèvant region and are formally elected and confirmed in their role at the Annual General Meeting of the CIO. The President and Vice-Presidenl are elected by the Council of Trustees from current 01 past Council members. The Chairman ol Trustees Is elected by the Council of Trustees Irom current or past Council Members, initially foi a two-year letm of office. An outgoing Chairman may seek re.election lor a term ol one year but not for a period longer than six years consecutively. A Vice-chairman is eleGled by the Council of Trustees on a similar basis lo the Ghairman except that the appointment is SLJbject lo annual election. The UnCIl nominates up to two people as life member representatives, and these are elected at the annual general meeting. The Immediate Pa$1-PSident Is an ex.officio member of Council. The Chairman of NODA Theatre Summer School is appointed annually from the body of trustees to serve as a ¢ts- opted mernber Df council. The Council has the power lo co-opt up lo Nvo additional Trustees. The Trustees have no beneficial interest in the Chaiity. ICT Strategy The web5I1e has seen further improvements to the home pages The alkimportant volunteers pagè continues lo be updated and a pantomime oriented web page is attracting increasing expressions of interest Audltor In accordance with the company's articles, a resolutlDn proposing that Azels Audit Services be reappointed as audiloi ol the company will be put al a General Meeting. The trustees, report was approved by the Board ol Trustees. Mr lan G Cox Chalmian of Trustees Date".
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 310ECEMBER 2023 The Iruslees are responsible for preparing the Trustees, Report and the finJn¢ial slatemènls in a¢¢ordanTr with applicable law and United Kingdom Accounting Standards IUnile(J Kingdom Generally Accepted Accounting Practice). The law applicable to chaiilies in England and Wales iequires the trustees lo prepare financial 51alemenls for each financial year which give a true and fair view of the Stale of affair5 of the CIO and of the incoming resources and application of resources of the CIO lor that year. In preparing these financial slalemenls the IrLJslees are required lo. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent", slate whether applicable accounting standards have been followed, subject to any material departure5 disclosed and explained in the financial slatemenls". and prepare the financial statements on the going concern basis unless il Is inappiopriale lo presume that the charity will continue in operation. The tiustee5 are responsible for keeping sufficient accounting records that disc105e with reasonable accuracy at any lime the financial position of the CIO and enable them to ensure that the financial slalemenls corllply with the Charities Act 2011, the Charity (Accounts and Reportsl Regulation5 2008 and the provisions ol the trust deed. They are also responsible lor safeguarding the assets of the CIO and hence for taking reasonable steps for the prèvèntion and detection ol fraud and other Irregularities.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NATIONAL OPERATIC AND DRAMATIC ASSOCIATION Oplnlon Vve have audited the financial slalemenls ol National Operatic and Dramatic Association Ilhe parent 'CIO'I and ils subsidiary Ilhe 'Group'l for the year ended 31 December 2023 which comprise the Group statement ol financial aclivilies, the Group and Parent CIO balance sheets. the Group statement of cash fiows and notes to the financial statements. Including significant accounting policie5. The financial reporting framework that has b&n applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard spplic8ble iii the UK and Republfc of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slalemenls. give a true and fair view of the stale of the Group and Parent CIO affairs as al 31 December 2023 and of its incoming resources 2nd application of resources. for the year Ihen ended., have been properly prepared in accordan with United Kingdom Generally Acceptèd Accounting Practi,. and have been prepa in accordance with the requirements of the Charities Act 2011. 8asls for opinion We conducted our audit in accordance wlh International S18ndards on Auditing IUKI IISAS IUKII and applicable law. Our sPOnSibl1111&S under those standards are further described in the Audilorfs responsibilili&s lor the audit ol the finantrial slalefflenls section of our report We are independent of the Group and Parent CIO in accordan with the ethical requirements that are relevant to our audit ol the financial slalements In the UK, including the FRC'S Ethi¢21 Standard. and we have fulfilled our olher elhi¢al responsibilities in sccordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appiopriate lo provide a basis for our opinion. Con¢lusion5 relatlng to going concern In auditing the financial statements, we have concluded th81 the Iru5tees' use of thè going concem basis of accounting in the preparation of the financial statements is appropriate. Based on thè work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubl on the CIO'S ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aLJthorised lor Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant seGlion5 of this report Other Infomiatlon The other information comprises the Information Included in the annual report other than the fina181 slalemenls and our auditor's report thereon. The Iruslees are responsible for the olher information contained within the annual report. Our opinion on the financial stslemenls does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other infomiation is materially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears lo be maleiially misstated. If we identify su¢h malenal Inconsistencies or apparent material misstalements. we are required lo determine whether this gives rise lo 8 material misstatement in the financial statements themselves If. based on the work we have performed, we conclude that there is a material mi5Statemenl of this Dlher Information. we 8re required to report that fact. We have nothing to report in this regard. Matters on which we are qU1rÈd to report by exception We have nothing lo report In respect ol the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, In our opir)ion'. the inlorrnalion given in the financial 5talemenls Is Inconsislenl in any material respect with the Iruslees. report, 01 sufficient accounting record5 have not been kepl, or the financial statemènts arè not in agreement with the accounting records". or we have not received all the information and explanations we require for our audit.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF NATIONAL OPERATIC AND DRAMATIC ASSOCIATION Responslbilities of trustees As explained more fully In the statement of trustees, responsibilities, the Iruslees are responsible for the preparation ol the financial slalements and lor being satisfied that they give a true and lair view. and for such Internal control as the Iruslees determine Is necessary to enable the preparation of financial 5talements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Group and Parent CIO'S ability lo continue as a going concern, disclosing. as applicable, matters related lo going concern and using the going concern basis of accounting unless the Iruslees either Intend lo cease operations. or have no realistic alternative bul to do so Auditor's responsibilities for the audit of Ihe financial statements We have been appointed as auLlitor under section 144 01 the Charitiès Act 2011 and report in ac¢ordan¢e with the Act and relevant regulations made or having effect Ihereundei. A further description ol our responsibilitie5 is available on thé Financial Reporting Council's website at. https.11 www.frc.org.uklaudilor5responsibilities. This desciiplion foTm5 Part of our auditor's report. Extent to which the audit was considered capable of Iletecting irregularitie5, including fraud Irregularities. including fraud, are instances of non-compliance with laws and regulation5. We design procedures In line with our responsibilities, outlined above and on the Financi81 Reporting Council's website. lo detect material misslalements in respect of irregLJlarities. Induding fraud. We obtain and update our understanding of the entity its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framewoik applicable and how the enlily is complying with that framework Based on this understanding, we Identify and assess the risks ol material misslatemenl of the financial statements. whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes Gonsideralion of the risk of acts by the enlily Ihal were contrary to applicable laws and iegulalions, Including fraud. In response lo the risk ol irregularities and non-¢omplian¢e with laws and regulations, including fraud. we designed procedures which included. Enqviry of management and those charged with governance around actual and potential Iitigalion and claims as well as actual, suspe¢ted and 211eged fraud.. ReviEwins rninutc¥ vf mcctingJ Trf IhDJc with sovernanEe', Assessing the exlenl ol compliance with the laws and regulalions considered to have a direct material effect on the financial slalemenls or the operations ol the entity through enquiry anLI Inspection., Reviewing financial statèmént disclosures and testing to supporting documentation lo assess compliance with applicable laws and regulation5", Performing audit work over the risk of management bias and override of controls, Including tesling ol journal entries and other adjuslmenls for appropriateness, evaluating the business rationale of Significant Ir8nsaclions outside the normal course of business and reviewing accounting estimate5 for Indicators of potential bias Because of the inherent limilalions ol an audit. there is a risk that we will not delect all Irregularities. Including those leading to a material misstatement in the financial slatements or non-compliance with iegulalion This r15k Increases the mole that compliance with a law or regLJlalion Is removed from the events and transactions reflected in the financial slatemenls, as we will be less likely to become awaie of Instances ol noTrcompliance. The risk ol not delecling a material misstatement resulting from fraud is highei than foi one resulting from Érror, as fiaud may involve collusion. forgery. intentional omissions, misrepresentations, or the override of inleinal control
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NATIONAL OPERATIC AND DRAMATIC ASSOCIATION Other matters Your attention is drawn to the fact that the Group and Parènt CIO has prepared financial stalernenls in accordance with "Accounting and Reporting by Charities Slalement of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 las amended) in preference to the Accounting and Reporting by Gharities. Slalement ol Re(xJrnmended Practi Issued on 1 April 2005 which is referred lo in the e*canl regulations bul has now been withdrawn This has been done in order for the financial statements to provide a true and lair view in accordance wlh Current Generally Accepted Accounting Practice. Use ofour report This report Is made solely to the ¢harily's Iruslees, as a body, In accordance with part 4 of the Charities IAccounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required to state to them in an auuitors. report an(J for no other purpose To the fullest extent permitted by law, we do not accept Of assume responsibility lo anyone other than the charity and the charity's trustees as a body, lor our 8uéil work. for this report, or for the opinions we have formed. Tracey Richardson Bsc IHonsl FCA (Senior Statutory Auditorl for and on behalf of Azets Audit Seryiees Chartered Accountsnts Statutory Audltor Westpoint Lynch Wood Peterborough Cambridgeshirè United Kingdom PE2 6FZ Azels Audit Services is eligible for appointment as auditor of the CIO by virtue DI its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unrèstricted Restricte funds funds 2023 2023 Total Total 2023 2022 Notes Donations and lègacies Charitable activities Other trading activities Investments Other Income 6.652 551.209 179,937 32,519 8,688 6,652 551,209 179,937 32,519 8.688 3,056 376,155 168.102 21,111 5,201 Total Income 779.OQ5 779.005 573,625 Rai51ng funds 124.528 124.528 120,686 Charitable activities 656,094 3,820 659,914 539.562 Total expendlture 780,622 3,820 784.442 660,248 Nel gainslllossesl on investments 6,948 6,948 158.4611 Net Incomellexpenditurel for the yearl Net movement in funds 5,331 13.8201 1.511 1145,0841 Fund balances at 1 January 2023 923,328 4,807 928.135 1,073,219 Fund balances at 31 December 2023 928.659 987 929,646 928 135 The slalemenl ol financial activitiès includès all gains and losses recognised in the year. All income and expenditure cjerive from continuing activities 11
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prlor flnanclal year Unrestricted Restricted funds funds 2022 2022 Total 2022 Notes Income and endowments from.. Donations and legacies Charitable activities Other trading aclivilies Investments Other income 3.056 376.155 168,102 21,111 5,201 3,056 376,155 168.102 5,201 Total Income 573,625 573.625 Ex enditure on- Raising funds 12Q.686 120.686 Charitable activities 538.892 670 539,562 Total expendlture 659,578 670 660,248 Nel gainslllossesl on investrnents 16 158,4811 158,4611 Net InGomellexpendilurel for the yearl Net movement in funds 1144.4141 16701 1145,0841 Fund balanTrs al 1 January 2022 1,067,742 5,477 1,073,219 Fund balances at 31 December 2022 923,328 4.807 928,135 12-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION BALANCE SHEETS ASAT31 DECEMBER 2023 Group 2023 Group 2022 cio 2023 10 2022 Notes Fixed assets Intangible assets Tangible assets Investments 12,000 120,224 630.747 16,000 128,624 618.541 12,000 120,224 630,847 16,000 128.624 618.641 19 20 762.971 763.165 763,071 763,265 Current assets Stocks Debtors Cash al bank and In hand 21 22 12.453 148.052 301.287 15.321 123.418 258.930 135,729 278.029 109.980 236,209 461,792 397,669 413,758 346,189 CrediloTS'. amounts falling due within one year 23 1295,1171 1232,6991 1269,4981 1203.6341 Nel current assets 186,675 184,970 144.260 142,555 Total assets less current Ilabllitles 929,646 928,135 907.331 905,820 Income funds Reslricled funds Unreslricled funds Oesignaled funds General unreslricled funds 25 987 4,807 987 4,807 26 26 143,910 784,749 152,310 771,018 143.910 762.434 152,310 748.703 929.646 928,135 907,331 905,820 As permitted by section 408 of the Companies Act 2006. the charitable company ha5 not presented Its own statement of financial activities and related notes. The charitable company's surplus lor the year was £1,511 12022 deficit for the year of £145,084). The financial slatements were approved by the board of directors and aLJthorised for issue on are signed on Ils behalf by.. and Mr larrGCox Chairman of Trustèès 13-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 31 17.022 153,5361 Investing activities Purchase of tangible fixed assets Purchase of investments Proceeds from olisposal of investments Investment Income received 11,9261 17,3601 16.0971 15,2581 32,519 21,111 Net cash generated from Investing activitiès 25.335 7.654 Net cash used In financlng actlvltles Net increaselldecreasel in cash and Gash equivalènts 42,357 145.8821 Cash and cash equivalents al beginning of year 258,930 304.812 Cash and cash equlvalents at end of yèar 301,287 258.930 14
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng polici8S Charity information National Operatic and Dramatic Association is a Charitable Incorporated Organisalion I'CIO'I and is registered with the Charity Gommission Icharily Registration Number 11712161 In England and Wales In the event ol the CIO being wound up, the liability ol the guarantee is limited lo £1 per Member of the CIO. The address of thè registered office Is given in the Legal and Administrative Information page ol these financial statements. The nature ol the Group's operations anLI principal activities are detailed in the Trustees Report. 1.1 Accounting convention The financial siatemenls have been prepared in accordance with the CIO'S governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable In the UK and Republic ol Irelarnd" I'FRS 102.1 and the Charities SORP "Accounting 2nd Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The CIO Is a Public Benefit Enlily as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required to provide a true and lair view. This departure has Involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement ol Recommended Practice which Is referred to in the Regulations but which has since been withdrawn. The financial slatements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts In these financial statements are rounded lo the néarèst £. The financial statements have been prepared under the historical cost convention. The principal aecounting policies adopted are sel out below. The consolidated statement of financial activities ancl consolidated balance sheet consolidate the financial statements ol the CIO and its subsidiary undertaking. The results ol the subsidiary are consolidated on a line by line bas1S. 1.2 Going concern The financial slaletllent5 have been prepared on a going concern basis. The Trustees have considered relevant Information Including annual budgets, foréc351 future cash flows and the impact of subseqLJent events in making their 355e55menl. Based on these assessments and having regard lo resources available to the entity the Trustees have concluded that they can continue lo adopt the going concern basis in prepaiing the annual report and accounts. 1.3 CharSlable funds Unrestricted funds are available foi use 8t the discretion ol Ihe trustees in furtherance ol their charitable obieclives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes 8nd uses of the designated funds are set oul in the notes to the financial statements. Restricted funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses of the restricted funLYs are sel out In the notes lo the financial statements
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Iconllnuedl 1.4 Income In¢ome is recognised when the CIO is legally entitled lo it after any performance conditions have been mel. the amounts can be measured reliably, and It Is probable that in¢ome will be re¢eive¢J. Voluntary income is received by way of (*onalions and gifts. IncluLYing related gift aid, and is included In full in the consolidated statement of financial activities when receivable. Volunteer time is not Included In the financial stalemenls. Interest on funds held on deposit and distributions on inve51menls are Included when received by the Gioup. Distributions from shares in groLJP undertakings 8re included when receivable by the CIO. Legacies are recognised on receipt or otheise if the CIO has been notified of an impending dislribulion, the amount is known, and receipt Is expected. Subscriptions were payable by members on a yearly basis lo 31 March Renewals received in advan for the next subscription period are included in deferred income. R&laled gift aid on subscriptions is credited on a tax year basis. Summer School and conference income is recognised on a receivable basis when the Group is entitled to the in¢otne. Amoun15 received In advance ol events are recognised in deferred income. Royalties are in respect of pantomimes and are recognised in the accounts with reference to the dale when the Group is enlilled lo the income. Other income Is recognised in the period in which it is CeiVable lo the extent the goods havè beèn provided or on completion of the service. 1.5 Expgndlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probablè that a Iransler of econornic benefits will be required in settlement and the amount ol the obligation can be measured reliably. Expenditure 15 classified by activity The tosts of each aolivily are made up of the lotal of direct costs and shared costs. including support costs involved in undertaking each activity Direct costs attributable to a single activity are allocated directly lo that activity. However. the cost of overall direction and administration of each a¢livily, comprising the salary and overhead costs of the cent1 function, is apportioned on the following basis. These are an estimate, based on staff time, of amount attributable lo each activity. Membership National conference l AGM Regional events Summer School Publishing 2023.. 64.40/0 2023.. 2 90/0 2023". 0.50/0 2023. 11.50/0 2023" 20 7Q/o 2022 64.4Y¢ 2022. 2.9D/o 2022. 0.50/. 2022. 11.50 2022 20.7°/0 16-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policiès (Continued) Support costs are those functions that assist the work ol the Group but do not directly undertake charitable aclivilies. Such costs are reallocated lo each of the activities on a staff time basis. Governance costs are those Incuired in connection with administration of the Group and compliancé with ¢onstilulion41 and slatulory requirements. Expenditure Dn raising funds comprise the costs of trading of the wholly owned subsidiary. NODA Limited. Expenditure on Charitable activities is incurred on directly undertaking the activities which further the Group'5 objectives. as well as any asso¢ialed support cosls. All expenditure is inclusive ol irrecoverable VAT. 1.6 Intangible fixed assets other than goodwill Intangible assets costing £1.000 or more are capilalised and recognised when future economic benefits are probable and the ¢osl or value of the asset can be measured reliably. Intangible assets acquired separately from a business are recognised at cost and are subsequently measured al cost less ac¢umLJlated amortisation and accumulated impairment losses. Amortisalion is recognised so as to write off the cost or valuation of asse15 less their iesidual values over their usefu1 lives on ine following oases.. Pantomime script nghts 1 OQ/o Straight line 1.7 Tangible fixed assets Tangible fixed assets coBting £1.000 or more are capitalised and rectsgnised when future economic bènelits are probable and the cosl or valLJe of the asset can be measured ieliably unless their economic life Is estimated at 12 months or less and are Ihen expensed in the consolidated slaletnenl of financial activities Tangible fixed assets are initially measured al cost anLI subsequently measured al cost or valuation. nel ol depreciation and any impairment losses. Depreciation is recognised so as to write off the c051 or valuation of as5els less their residual values over their useful lives on the following bases. Freehold property Leasehold Improvements Fixtures and fittings Computers 20/0 slraighl line 20Q/ll Straight line 25,10 slraighl line 200/0 and 33010 slraighl line Freeholcs land is noi depreclale The gain or Ios5 arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and Is recogni5ed In the statement ol financial a¢livilies 1.8 Flxed asset investrnents Fixed asset Inveslmenls are initially measured at transaction price excluding transaction cos15, and are subsequently measured at fair value at each reporting date. Changes In fair value are recognised In nel incomellexpendilurel for the year. Transaction cost5 are expensed as Incurred. Invesltllenls in subsidiaries are valued at cost less prov15ion for impairment. 17-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢counllng polScles (Continued) 1.9 Impalrment of fixed a55ets Al each reporting end dale, the CIO reviews the carrying amounls of its tangible and intangible assets to determinè whèthèr thèrè ig any Indication that those 3sset5 have suffered an Impairment loss. 11 any SUGh indication exists. the recoverable amount ol the asset is eslimaled in order to determine the e*cenl of the impairment 1055 (if any) 1.10 Stocks Stocks are stated al the lower of Cost and estimated Selling price less costs lo complete and sell. Cost comprises direct mateiials and, where applicable. direct labour ¢0g1s and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower ol replacement Cost and cost. Net realisable value is the estimated selling price less all &slimaled costs of completion and costs to be incurred in marketing, selling and distribution. 1.11 Cash and cash èquivalènts Cash and cash equiv21enls Include cash in hand. deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts Bank overdrBfts are shown within borrowings in Current liabilities. 1.12 Flnanclal Instruments The CIO has elecled to apply the provisions of Section 11 'Basic FinanGial In5tiuments' and Section 12 '0ther Financial Instruments Issues. ol FRS 102 to all ol its financial instruments Financial instrLJments are recognised in the CIO'S balan sheet when the CIO becomes party lo 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 amoLJnts and there is an intention lo settle on a net basis or lo realise the asset and settle the liability simulianeously. Basic financlal assets Basic financial assèts, which in¢lude dèbtors and cash and bank balances, are Initially measLJred at transaction price in¢luding Iran5aclion c051s and are subsequently carried at amortised cost using the effective interest method Ljnless the arrangement conslilules a financing transaction, where the transa¢tion 15 measured al the present value of the future receipts discounted al a m8rkel rate of interest Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basi¢ finan¢ial liabilities, Including creditors and bank108ns are initially recognised at transaction price unless the arrangement conslilutes a financing transaction. where the debt instrument Is measured at the present value of the future payments discounted at a market ratè of inleiesl Fin8nc181 liabilities classified as payable within one year are not amortised Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 11 not, they are presented as non-curienl liabilities Trade creditors are recognised initially al transaction price and subsequenlly measured at amortised cost using the effective Interest method. Derecognition of financial liabiltilies Financial liabilities are derecognised when the CIO'S contractual obligations eIre or are discharged Dr cancelled. 18-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 1.13 Taxation The Group is exetnpt Iiom corporation lax as all of ils income is charitable and is applied for charitable purposes. The Group'5 trading subsidiary, NODA Limitéd. gift aids all taxable profits lo the CIO by means ol a dislribulion. 1.14 Employee benefits The cost of any unused holiday entillemenl is recognised In the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the CIO Is demonstrably committed ID lerminale the employment of an employee or to provide termination benefits. The Group operates a defined pension conliibulion plan for ils employees. A defined ¢onlribulion plan is a pension plan under which the Group pay5 fixed ¢onlributions into a sèparaté èntity. Once thè contributions have been paid the Group has no further payment obligations The contributions are recognised as an expense in the statement of financial activities when they fall due. Amounts not paid are shown In accruals as a liability in the Balance Sheet The assets of the plan are held separately from the Group in independently administered funds 1.15 Leases Rentals payable under operating leases, including any lease Incenlives received. are charged as an expense on a slraighl line basis over the term of the relevant lease Critical accounting estimates and judgernents In the application Df the CIO'S accounting policies, the Iruslees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant Actual results may differ from these estimates. The estimates and Ljnderlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period In which the estimate Is revised where the revision affects only that period, or in the period of the revision and future periods wherè the revision affects both eurrenl and future periods The estimate5 8n(l assumplic>ns that have a significant risk of causing a material adjustment to the carrying amounts of assets and Iiabililies within the next financial year are noted below. Easis of valuation of fjxed assets- intangibles Expected Ille of freehold propérty Support cost allocation. Donation5 and legacies Unrestricted Unre5triGted funds funds 2023 2022 Donations and gifts 6.652 3.056 19-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Charitablè activities Unrestricted Unre$tri¢ted fund$ funds 2023 2022 Membership National Conference Regional events Summèr school 235.669 8.891 183,135 123,514 168,721 17.230 74,926 115278 551,209 376,155 other trading actlvltles Unrestrlcted UnrgstrS¢led funds funds 2023 2022 Trading subsidiary 179,937 168,102 Investm8nts Unre$trlcted Unrestricted funds funds 2023 2022 M&G Investments and Charities Property Fund Interest receivable 25,367 7,152 19.748 1.363 32,519 21.111 -20-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other income Unre5tTlCted Unrestrictèd funds fund5 2023 2022 Other income Email newslellei advertising income 5.505 3,183 3.851 1.350 8,688 5201 Raising funds Unrestricted Unrg$tri¢ted funds funds 2023 2022 Tra Trading subsidiary 124,528 120,686 124.528 120,686 21
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NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Audltorfs remuneratlon Fees payable to the CIO'S audltor and associate$'. 2023 2022 Audit of the CIO'5 annual accounts 6,750 6.500 Other servlces to the group Audit of the CIO'S subsidiaries 3,150 3,000 Total audlt fees 9.900 9,500 12 Surplus for tho flnanclal ygar As permitted by section 408 of the Companies Act 2006, the holding company's SLJrplus has not been Included In these financial slalemenls. The surplus for the financial year is made up as follows. 2023 2022 Holding Company's gross income for the financial year 654,477 452,939 Holding company's surpluslldeficitl for the financial year 1.511 1145,0841 25-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Cornmercial operatlons In tradlng subsidiary The wholly owned trading subsidiary. NODA Limited, which is incorporated in England and Wales, pays all of ils profits lo the CIO under the gift aid scheme as a dislribulion. NODA Limited undertakes the trading activities of Ils charitable parent, National Operatic snd Dramatic Association. The CIO owns the entire Issued share capital 01100 ordinary shares at £1 each. A summary of the trading results is shown below 2023 2022 NODA Llmlted Proflt & Loss Account Turnover Cost of sales Administration costs Interest received 179,937 122,7251 1101,8031 59 168,102 126,5591 104,1271 Nel profit Less" royalties paid to charity 55,468 14,0001 47.416 14.0001 51,468 151,4681 43.416 143.4161 Dividend paid lo charity Tax on Ioss Dn ordinary activities Retained in the subsidiary 2022 2022 NODA Limlted Balance Sheel Current assets Current liabilities 71,755 149.3401 74,906 152,4911 Total nel assets 22.415 22,415 Aggregate sharè capital and rèserves 22,415 22,415 14 Trustees Dunng the year travel expenses of £42,533 were reirnbursed or paid direGlly lo 17 Tiuslees12022- £41,265 to 16 Trusleesl. None of the Trustees lor any persons connected with them) received any remuneration during the year12022 See notè 30 - rèlated party Iransaclions, for details of further transactions with Trustees. -26-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 15 Employees The average monthly number of employees during the year was 2023 Number 2022 Numbèr Trading INODA Limiledl Membership Support Total Employment costs Group 2023 Group 2022 cio 2023 cio 2022 Wages and salaries Social security Costs Other pension costs 160.740 11.493 8,564 139,186 10,762 8,753 96.444 6.896 5,138 85,020 6,105 4,473 180,797 158,701 108.478 95,598 There were no employees whose annual remLJneraliDn was more than £60,000. 16 Net galnslllossesl on investments Unrestricted Unrestrlcted funds funds 2023 2022 Gainlllossl on sale ol investments 6,948 158.4611 17 Taxation The charity is exempt from lax on Income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 Its the exlenl that these are applied lo ils charitable objects. 27-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Intangible fixed assets Group and CIO Pantomime scrlpt rlghts Cost Al 1 January 2023 and 31 December 2023 40,000 Amortisation and impairment Al 1 January 2023 Amortisalion Charged for the year 24.000 4.000 At 31 December 2023 28,000 Carrylng amount At 31 December 2023 12,OflO At 31 December 2022 16,000 19 Tangible fixed assets Group and CIO Fr8ehold land Fixtures and nd building5 fitting5 Computers Toial Cost Al 1 January 2023 Additions 135,498 1,491 5,220 51,801 435 192,519 1.926 At 31 December 2023 136.989 5.220 S2.236 194.445 Depreciation and impairment At 1 January 2023 Depreciation charged in the year 22.979 3.990 3.783 360 37,133 5,976 63.895 10.326 At 31 December 2023 26,969 4,143 43,109 74.221 Carrylng amount At 31 December 2023 110,020 1,077 9,127 120,224 Al 31 December 2022 109,401 1,437 14,668 128,624 -28-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Fixed asset investments Group 2023 Group 2022 cio 2023 cio 2022 Investments in subsidiaries Listed investments 100 630,747 100 618,541 630.747 618,541 630,747 618,541 630,847 618.641 21 Stocks Group 2023 Group 2022 cio 2023 cio 2022 Goods lor resale 12.453 15.321 22 Debtors Group 2023 Group 2022 cio 2023 cio 2022 Amounts falllng due wlthln one year= Trade debtors Other debtors Prepayments and accrued income 98,699 24,158 25.195 80,008 13,409 30,001 98,581 24,158 12.990 78,132 13,409 18.439 148,052 123.418 135.729 109.980 23 Creditors.. amount$ falllng due wlthln ona yèar Group 2023 Group 2022 cio 2023 cio 2022 Other laxalion and social security Oeferred Income Trade creditors Amounts owed to SLJbsidiary undertakings Other creditors Accruals 2,798 168,907 16,456 24 198,319 32,563 198.319 31,559 23,721 159,932 11,830 23,426 48,336 15,899 36,092 15.899 8,446 295,117 232,699 269.498 203.634 -29-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 24 Deferred income Group 2023 Group 2022 cio 2023 cio 2022 Other deferred income 198.319 168.907 198,319 159.932 Deferred income is included in the financial slalemenls as follows.. Group 2023 Group 2022 cio 2023 cio 2022 Deferred Income is Included within. Current liabilities 198,319 168,907 198,319 159,932 Movements in the year.. Defeired Income at 1 January 2023 Released from previous periods Resources deferred in the year 168,907 1168,9071 198,319 159.664 1159,6641 168,907 168,907 1168,9071 198,319 159,664 1159,6641 159,932 Deferted income at 31 December 2023 198.319 168,907 198,319 159.932 Deferred income CL)mprises income received in advance relating lo.. Subscriptions Regional conference income Panlomine COTllmissions due Summer school income 25 Restricted funds Group an(J CIO The income ftjnds of the charity include reslricled fund5 comprising the following unexpended balances of donations and grants held on trust for specific purposes". Balante at 1 January 2022 Rauree$ Balance at Èxpended1 January 2023 Resources Balance at oxpgnded 31 December 2023 Rene Deardèn Mèmorial Training Fund Stephanie Sorgo-Hudson Benevolent Fund 1,927 1,927 19601 967 3,550 16701 2.880 12,8601 20 5.477 16701 4,807 13,8201 987 Rene Dearden Memorial Training Fund- To finance further training In the NODA North region. Stephanie Sorgo-Hudson Benevolent Fund - To assist SLJmmÈr school studènts in cases of financial hardship. -30-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Designated funds Group and CIO The income funds of the charily include the following designated funds which have been set aside out ol unrestricted funds by the trustees for specific purposes" Balance at 1 January 2022 RÈsources expendèd Transfers Balance at 1 January 2023 Resources exp?ndAd Transfers Balance at 31 December 2023 Kenneth Barnes Bursary Fund John Richards Training Fund Fixed Assels Fund 1,026 1,026 1.026 22,660 22,660 22.660 130,490 19.2261 7,360 128.624 110.3261 1,926 120.224 154.176 19,2261 7.360 152,310 110,3261 1.926 143.910 The Kenneth Barnes Bursary Fund and the John Richards Training Fund were clesignaled by the Trustees. These amounts have been invested in the listed investments portfolio. Income arising frorn the capital held in Investments lor thesé funds is credited lo Ihe general fund. The purpose of the Kenneth Barnes Bursary Fund is lo finance summer school buisaries. The purpose of the John Richards Training Fund is to finance training In the dramatic arts Fixed Assets Fund This represen15 the value ol general funds Invested in land and buildings and other fixed assets and 15 therefore not readily available for othér purposes. 31
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NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 29 Operating lease commitments Al the reporting end dale the CIO had oulslanding cornmilmenls for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2023 2022 Vvithin one year Between two and five years In over five years 1.978 7,910 336 10.224 30 Related party transactions Remuneration of key management personnel The total amount of employee benefits (including employer's pension conlribulionsl received by key management personnel is £61,740 12022 - £61.2231. The charity considers its key management personnel comprises of the Trustees and the CEO Transactlons wlth related partles During the year a gift aided donation of £51,46812022 - £43.4161 was received from NODA Limited. Included within creditors is £23,721 12022 £23,426) due to NODA Limited During the year £nil12022 - £3.OOQI was paid to S McCue-Dick, a Trustee, for accountancy support work. No amounts are outstanding al the year end. 31 Cash generated from operatlons 2023 2022 Surpluslldeficill lor the year 1145,0841 Adjuslmenls lor Investment Incorne recognised In slalement ol financial activities (Gainllloss on disposal of investmen15 Depreciation and impairment of tangible fixed a55els 132,5191 16,9481 14,326 58.461 13,228 Movements In working capital". Decressèllincreasèl in stocks Ilncreaselldecrease in debtors Increase in creditors Increase in deferred income 2.868 124 6341 33,006 29,412 18251 10,594 21.960 9,243 Cash generated fromllabsorbed byl operations 17,022 153,5361 35-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 32 Analysis of changes in net funds The CIO had no éebl during the year. 33 Controlling party The Trustees do not consider there Its be a single controlling paty. 36-