Charity reglstratlon number 1171216 NATIONAL OPERATIC AND DRAMATIC ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION LEGALAND ADMINISTRATIVE INFORMATION Patrons The Lord Lloyd-webbef Connie Fisher Trustees and Reglonal Coun¢lllors Graham Liverton. President from 28 September 2024, Vice President from 16 September 2023 until 28 September 2024 Christine Hunter Hughes, President from 16 September 2023 until 28 September 2024 Nick Lawren, President until 16 September 2023 Christine Hunter Hughes, Vice President until 16 September 2023 Nick Lawrence, Immediate Past President from 16 September 2023 Gordon Richardson, Immediate Past President until 16 September 2023 lan G Cox. Chairman Sluart McCue-Dick, Vice Chairman John Bames, Life Member represenlative Gordon Richardson. Life Member representative from 16 September 2023 Michael Hastilow, Life Member representative until 16 September 2023 Jacqueline Stedman, Chairman NODA Theatre Summer School Tessa Davies, Regional Councillor, East Jules Jones. Regional Councillor. Easl Midlands Pamela Armstrong, Regional Councillor, London Peter Oliver, Regional Councillor, North Leslie Smith, Regional Councillor, North East Andy McNicholas, Regional Councillor, North West Stuart McCue-Dick, Regional Councillor, Scotland Kay Rowan, Regional Councillor, South East Matthew Heaton. Regional Councillor, South West Sharon Davies, Regional Councillor, Wales and Ireland Andy Brown, Regional Councillor, West Midlands Charity number 1171216 Principal address 15 The Metro Centre Woodston Pelerborough Cambridgeshire United Kingdom PE2 7UH Audltor Azets Audit Services Westpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ Bankers Unity Trust Bank Four Brindley Place Birmingham B12HB
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Principal staff Dale Freeman, Chief Operating Officer Rob Wlliams, Marketing and Publishing Michelle Callicolt, Finance Manager Liam Nixon, Marketing & Membership Services Assistant Heather Knapp, SecretarylAdministrator NODA Limlted NODA Ltd. a wholly owned subsidlary of the Association. Registered Number 00241572 Registered office - 15 The Metro Centre, Peterborough, PE2 7UH Directors- lan G Cox. Dale Freeman (Appointed 1 October 2024), Eric Smart (Resigned 1 October 2024). Michael Hastilow {Resigned 1 October 2024), Christine Hunter Hughes (Resigned 1 October 2024}, Pamela Amislrong (Resigned 3 April 2025)
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION CONTENTS Pag• Trustees, report Statement of trustees, spOnsibl1111eS Independent auditorfs report 8-10 Stslement of financial activities Balance sheets Statement of cash flows 14 Not8S to the financial ststements 15-36
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Board of Trustees present their report together with the audited financial statements of National Operatic and DramaticAssociation CIO, the Charity. and the Group, for the year ended 31 December 2024. Referen and administrative infomiation set out on the previous pages form part of this report. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the CIO'S governing document, the Charities Acl 2011 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 January 2019). Objectives and activities The objects of the association are to advance educalion by promoting and improving the art of musr. theatre and drama lo slimulate public appreciation of such arts, generally to cultivate the improvement of wblic taste in such arts and for those purposes to do all or any of the following.. To organise and arrange schools and courses. To provide a general advisory and advocacy servi. To publish information about amateur theatre. To hold conferences and meetings,. and To do all such things as are incidental or conducive to the altainment of the above objects or any of them. NODA aims To give a shared voice to the amateur theatre sector. To help amateur thealre groups and individuals achieve the highest standards of best practi and performance. To provide leadership and advi to enable the amateur theatre sector to tackle the challenges and opportunities of the 21st century. NODA Vision Following the culmination of two years, work, in 2024. we have developed a new vision for NODA of the future. At the heart of our new strategy is a challenge,. and il is one to embrace if we are lo ensure that NODA. in the future, fulfils its potential and has the greatest impact going fowards. 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 musl make sure that we celebrate, support and champion all of arroteur theatre and that, as well as providing the support and services our members need, we are al the centre of conversations about amateur theatre and its many benefits. By supporting members, championing the sector and respfflding to issues and opportunities on their behalf, we can continue lo inspire and to create opportunity for i ndividuals, groups and Iheir communities. Visible.. we are going lo take a leading role in promoting the unique benefits and positive impacts of this wonderfvl pastime. as well as supporting our members to spread the word. Together, we will continue to inspire all the audiences and stakeholders who can help our members. and NODA, to thrive. 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 of the highest qualily and effectiveness for them. as well as helping to create opportunity,. so that we can help them to be the best they can be and lo thrive. Whether il is lobbying government on current issues affecting our sector, or continuing to support members 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 2024 Volunteers The Association relies on its volunteers to deliver its objectives at regional level. There are at any one time around 200 volunteers in total, induding members of council, regional representatives (elected by members in their dislrict), regional officers (secretaries, treasurers, membership secretaries and youth coordinators) and co-opted members of regional committees such as editors and awards secretaries. Regional committees across 11 regions are responsible for the provision of visits by regional representatives and other volunteers to affilialed societies and regional conferences. as well as being responsible for contributing to magazines and newsletters, workshops and advising members. in line with the objects of the charity- Head Office Staff The team at Head Office are led by Chief Operaling Officer, Dale Freeman. We are greatly indebled to all members of staff for their dedicalion 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 salaries. Achievements and perfom)an¢e The overriding strategy for the period was for the Association to be proactive in contacting members to offer and provide increased direct support. as well as continuing to explore opportunities for joint working. Membership As of December 2024, the number of society members was 1,943, compared wilh 1.945 as of 31 December 2023 Individual and corporale membership was 597 with 586 as of 31 December 2023. NODA continues tts strategy of exploring the potential and improved services to members. Membership Services Membership benefits incltJde- Personal representation, including regional support through NODA local committees. Exclusive NODA factsheets offering a wealth of information and guidan. NODA Today magazine published 3 times a year. Pantomime scripts via a dedicaled website. DBS checking and application service. NODA Insurance (through Lloyd & Whyte). NODA Safe {heallh & safety support and advice). Legal advice provided by Counterculture LLP. NODA Theatre Summer School. which is a residential wurse supported by professional lutors. delivering a wide-range of amateur theatre skills and activrties. Corporate partner product and services benefits for members. Long Se1 awards, medals and badges. NODA awards are available to all NODA Individual members and affiliated socielies lo present to their own members to recognise Iheir contribution to amateur thealre. During 2024, 1,309 awards were made (1 ,452 during 20231, including youth awards and certificates in the year. NODA Limited continues to acl as the authors, agent for a very successful Catalogue of pantomime scripts, from a variety of authors. NODA Continues to provide a range of long Servi awards. badges. commendation awards and youth awards for members of affiliated societies and individual members. The range of long Service badges covers service from 5 years through to 70 years, service. Annually, regional poster and programme Compettlions are held, with winning entries going forward to the national competition. National awards for the 2023 winners were presented on Saturday 28th September 2024 at the National AGM.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 National Conference The eighth National Conference and AGM for the NODA CIO took place on 28 September 2024 in Plymouth. Regional ConforenGes and Events All regions held their own conference andlor AGM physically during 2024. NODA Theatre Summer School This look place in August 2024 at Yamfield Training Centre, attracting an attendance of 178 students. Volunteer Training Valuing our volunteers is of paramount importance. and designed lo ensure we retain the ability lo deliver improvements in our service offer to NODA members. This is achieved via regional forums, addressing specifi training needs at a local level, including specialisl areas such as finance, marketing, membership tsvelopment and website tuition. A Gomprehensive published Volunteers Handbook is subject to regular updates. Publishing Magazines.. During 2024. 3 editions of NODA Today were published and circulated bolh online and by post. Website.. The website conlinues to offer access to a range of information and servIs, including the opportunity for members lo publicise their productions in the 'What's On, section as well as online access to panlomimes. The website had 306,000 visits in the 12 months to 31 December 2024 compared with 223.260 in the 12 months lo 31 December 2023. This was an increase of 37°/o reflecting the increase in general NODA activily including show feports and wider interest in the rebranded, refreshed site. Fundraising is undertaken by the charity and monitored by the trustees, there are no external fundraisers. The CIO has however enjoyed the support of Ihe Benefact Group with a donation to support a youth development programme. NODA Limited NODA Limited is the trading arm of the NODA. All profits generated by its activity were donated by Gift Aid to the CIO. to support its operation and its service to members. Profit of £117,818 {2023 - £51,468} for the year for the year ended 31 December 2024 from NODA Limited has been GiftAided to the CIO. NODA Insurance continues to provide cover for amateur theatre groups and provides commission income to NODA Lld for the benefit of all members. Al 1 January 2024, the following activities were transferred to the parent CIO - National Operatic and Dramalic Associalion.. Acting as an authors, agent for a very successful catalogue of pantomime scripts, plays, melodramas, musicals and reference books from a variety of authors. Providing a range of Long Setvice Awards. Officials Badges, Commendation Awards and Youth Awards for members of affiliated societies.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Public Benefit Amateur Theatre attracts on stage opportunities and a potential for many others to be engaged behind the scenes, including in stage management, marketing, and administration. NODA are able assist in this involvement for the many thousands of people who attend various productions as members of audiences. NODA is also heavily involved in arranging DBS Checks for its members and interacts in negotiations with outside organisalions. The Trustees refer to the Charity Commission's general guidan on Public Benefit when reviewing the aims and objectives of the Charity and in planning its future adivilies. NODA Youth Our youth development programme continues to follow a strategy designed lo encourage more young people to get involved with amaleur theatre on a voluntary basis. This initiative provides young people with many opportunities to develop their inter-personal and other transferable skills. Financial review The Association believes it prudenl, in order to provide reliable seNices over the longer term, to hold reserves to absorb possible setbacks and to take advantage ol change and opportunity. ReseeS are required to= Meet the running costs of the Association for a reasonable period, should any of its customary SOLtrces of income fall short of expectations or cease entirely. Absorb any shortfall in income resulting from a decline in the number of members. Support any NODA region that requires additional funding to cope with unforeseen financial difficulties. Explore new opportunitie5 for income generation which might require initial capital investment. Reserve5 should ideally be equivalent to at least one year's expenditure of the Association {parent). 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 at the year-end for the group totalled £923,023 (2023 - £929,646) comprising of unreslricted funds tolalling £918,556 {2023 - £928,659) and restricted funds tolalling £4.467 (2023 - £9871. Investment Policy The investment policy of the association is that funds in excess of current requirements shall be invested, having due regard to the level of those funds and to the foreseeable requirements of the association as sel out in the reserves policy. Investments are lo be made. with security and safety being the main criteria.. Trustees have a low appetite for risk. A reasonable markel return is the secondary objective. Investment income received in the year amounted to £24,050 {2023 - £25,367). An unrealised gain on revaluation of investments of £777 (2023 - £6,948) is incorporated into the results. The investments of the association are held in charitable units comprising holdings with a wide geographi¢al spread over a variety of sectors. The fair value of the units had increased by 0.1°/0 in the year. The position is much affected by the economic uncertainties currently with which we are being faced and the instability this is having on investment markets.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk Statement A Risk Register is maintained which describes the risks to which the Charity might be exposed and is reviewed by Trustees with procedures put in place lo manage these risks. The Management Committee on behalf of the trustees ¢onducts a monthly review of the organisation's Risk Register induding the principal risk register. These are subject to 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 uncertainties of Ihe charity relate to the recruitment and retention of members. These are induded in the priority risk register and monitored closely. Compliance All Trustees continue to receive training in govemance and financial planning, to ensure an understanding of, and compliance with, the roles and responsibilities of charity trustees. as well as improving NODA'S communications with members. Plans for future period5 Our rebrand continues lo generate a wave of positive feedback from across the membership. The bold new colour scheme and our energising strapline, "For Every Stage" are making a strong impressiowlearly visible in posters, programmes, and bulletins. We're especially grateful to our dedicated volunteers, who have embraced the changes and helped drive their success. Our new website-vibrant, interactive. and packed with relevant conlent-is already attracting attention from potential members, fuelling a refreshed and targeted membership campaign built around our new messaging. Behind the scenes, technology upgrades are empowering our head office team to deliver first-class support to members, while strengthening the efforts of our regional volunteer network. Looking ahead. we're set to launch an ambitious youth strategy over the next 12 monlhs, building on strong foundations to inspire and engage young people right across the performing arts wmmunity. Structure, governance and management The Charity was constituted as a Charitable Incorporated Organisation (CIO) Registered on 20 January 2017 as amended on 20 June 2017 and 13 October 2019. Decisions relating to Ihe strategic diredion of the Charity, the correct operation of its constitution by regional committees, staff salaries and other major finanGial commitments are the responsibiliiy of the Council of Trustees. Committees are elected by, and accountable to the Truslees.. The Management Committee and the Summer School Committee, with further subcommittees andlor working groups including the Nalional Weekend steering group and other suk>groups convened for specific projects andlor time limited reviewslactivities. Decisions relating to the day-Io•day operalion of the Association's Head Office and delivery of services are delegated to the Chaimian of Trustees. NODA is Committed lo training and development opportunities. Formal inductions for new Trustees are carried oul by the Chairman of Trustees in advance of each one assuming office. This details Ihe dLrties and responsibilities of serving as a Trustee and a member of Council. Those newly appointed are provided with an induction pack containing a copy of the Association's Constitution & Bye•Laws, the Annual Report and Accounts, recent minutes of Council meelings, supporting literature provided by the Charity Commission and other relevant material.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Appointment of the Council of Trustees Eleven Regional Councillors are subjed to annual eledion by members in the relevant region and are formally elected and confirmed in their role at the Annual General Meeting of the CIO. The President and VIGe-President are elected by the Council of Trustees from current or past Council members. The Chairman of Trustees is elected by Ihe Council of Trustees from current or past Council members. initially for a twovyear temi of office. An outgoing Chairman may seek re-election for a term of one year but not for a period longer than six years consecutively. A Vice-chairman is elected by the Council of Trustees on a similar basis to the Chairman except thal the appointment is subject to annual eleclion. The council nominates up to people as life member representalives, and these are elected at the annual general meeting. The Immediate Past-President is an ex-officio member of Council. The Chaimian of NODA Theatre Summer School is appointed annually from the body of trustees. to serve as a co- opted member of council. The Council has the power to c(Fopt UP lo two additional Trustees. The Trustees have no beneficial interest in the Charity. ICT Strategy The website has seen furlher improvemenls to the home pages. The alkimportant volunteers page continues to be updated and a pantomime orienled web page is attracting increasing expressions of interest. Auditor In accordance with the Gompany's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting. The trustees, report was approved by the Board of Trustees. Mr lan G Cox Chaimian of Trustees Dale=
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees are responsible for preparing the Trustees. Report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally ACpIed Accounting Pradice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year. In preparing these financial statements, the trustees are required to: select suitable accounting poliGies and then apply them consistently.. obsetve the methods and principles in the Charities SORP.. make judgements and estimates Ihat are reasonable and prudenl., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls.. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records thal disclose with reasonable accuracy at any time the financial position of the CIO and enable Ihem lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Ihe provisions of the Irust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NATIONAL OPERATIC AND DRAMATIC ASSOCIATION Opinion We have audited the financial statements of National Operatic and Dramatic Association {the parent 'CIO') and its subsidiary (the 'Group') for the year ended 31 December 2024 which comprise the Group slatemenl of financial activities, the Group and Parent CIO balance sheets, the Group statement of cash flows 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United lfjngdom Generally Accepted Accounting Praclice). In our opinion, the financial statements.. give a true and fair view of the state of Ihe Group and Parent CIO affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year Ihen ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pradio: and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion 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 Auditors msponsibilitigs for the audit ol the financial statements section of our report. We are independent of the Group and Parent CIO in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audtt eviden 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 Ihat the trustees, use of the going concem 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 UnrtaInlieS relating to events or conditions that, individually or collectively, may cast signrficant doubt on the CIO'S ability lo continue as a going concem for a period of at least Ie1ve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The other information Comprises the information included in the annual report other than Ihe finartial statements and our auditoffs report thereon. The truslees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 malerially inconsislenl 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 misstalements, we are required lo detemine whether this gives rise to a maleral misstatement in the financial statements Ihemselves. If, based on the work we have performed, we condude that there is a material misstatement of this olher information, we are required to report that fact. We have nothing lo report in this regard. Matters on whi¢h we are required to report by exception We have nothing to report in respecl of the following matters in relation to which the Charities (A¢unIS and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistenl in any material respect with the trustees, report,. or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records., or we have not reiVed 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 Responsibilities of trustees As explained more fully in the statemenl of trustees, responsibilities. the trustees are responsible for the preparation of the financial slatemenls and for being satisfied that they give a IrLJe and fair view, and for such internal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing Ihe financial statements, the tru5tee5 are responsible for assessing the Group and Parent CIO'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 inlend lo Cease operations, or have no realistic alternative but to do so. AuditoVs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https=Il www.frc.org.uklauditorsresponsibilities. This description fomis part of our audilols report. Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We oblain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation lo the legal and regulatory framework applicable and how the entity is complying with that framewoik. Based on this understanding, we identify and assess the risks of material misslatemenl of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence Ihat is sufficient and appropriale lo provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-complian wilh laws and regulations. including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged wilh governan., Assessing the extent of compliance with Ihe laws and regulations considered lo have a direct material effect on the financial slalements or the operations of the entity through enquiry and inspection.. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of polenlial bias. Because of the inherent limitations of an audit, Ihere is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial stalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulalion is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instan$ of noTrcompliance. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulling from error. as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control.
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NATIONAL OPERATIC AND DRAMATIC ASSOCIATION Other matters Your attenlion is drawn to the fact that the Group and Parent CIO has prepared financial statements in accordance with "Accounting and Reporting by Charities- Slalement of Recommended Practice applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities.. Statement of Reo)mmended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance wilh Current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other Ihan the charity and the charity's trustees as a body. for our audit work, for this report, or for the opinions we have fomied. Tracey Richardson Bsc IHons} FCA (Senior Statutory Auditor) for and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Westpoint Lynch Wood Petertiorough Cambridgeshire United Kingdom PE2 6FZ Azets Audit Services is eligible for appointment as auditor of the CIO by virtue of its eligibility for appointment as auditor of a company under section 1212 ofthe Companies Act 2006. 10-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current flnancial year Unrestricted Restrictsd funds funds 2024 2024 Total Totsl 2024 2023 Notss wm Donations and legacies Charitable activities Other trading activities Investments Olher income 7,924 678,811 123.899 31,997 49,689 5,910 13,834 678.811 123,899 31,997 49,689 6,652 551,209 179.937 32.519 8,688 Totsl income 892.320 5,910 898,230 779,005 enditure Raising funds 6.081 6.081 124,528 Charitable aclivilies 897,119 2,430 899,549 659,914 Total expenditure 903,200 2,430 905,630 784,442 Net gainsl{losses) on investments 16 777 777 6,948 Net {expenditure)lincome for the yearl Net movement in funds (10,103) 3,480 (6,623) 1,511 Fund balances at 1 January 2024 928,659 987 929,646 928.135 Fund balances at 31 December 2024 918.556 4,467 923,023 929,646 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prlor financlal year Unrestrlcted Restricted funds funds 2023 2023 Total 2023 Notes Donations and legacies 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 8,888 Total Income 779,005 779,005 Raising funds 124,528 124,528 Charitable activities 8,094 3,820 659,914 Total expondlture 780,622 3,820 784,442 Net gainsl(losses> on Investments 16 6,948 6.948 Net lexpendlture)Ilncome for the yearf Net movement In funds 5,331 (3,820) 1,511 Fund balances at 1 January 2023 923.328 4.807 928,135 Fund balance8 at 31 December 2023 928,659 987 929.646 12-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION BALANCE SHEETS AS AT 31 DECEMBER 2024 Group 2024 Group 2023 cio 2024 cio 2023 Notes Fixed assets Intangible assets Tangible assets Investments 18 19 20 8,000 152,179 631,524 12,000 120,224 630,747 8,000 152,179 631,624 12,000 120,224 630,847 791,703 762,971 791,803 763,071 Current assets Stocks Debtors Cash al bank and in hand 21 22 11.878 143,098 237.475 12.453 148,052 301,287 11,878 183,503 169,441 135,729 278,029 392.451 461.792 364.822 413,758 Creditors: amounts falling due within one year 23 (261,131) (295.117) (255.917) 1269,498) Net current assets 131,320 166,675 108,905 144,260 Total assets less current liabilities 923,023 929,646 900,708 907,331 Income funds Restricted funds fun Designated funds General unrestricted funds 25 4,467 987 4,467 987 26 26 175,865 742,691 143,910 784,749 175.865 720,376 143.910 762,434 923,023 929.646 900,708 907,331 As permitted by section 408 of the Companies Act 2006, the charitable company has not presented its own statement of fi'nancial activities and related notes. The charitable company's deficit for the year was £6,623 (2023 - surplus of £1,511). The financial statements were approved by the board of diredors and authorised for issue on are signed on ils behalf by.. and Mr lak ox Chairnian of Trustees 13-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operallng acllvltles Cash (absorbed by)Igenerated from operations 31 (46,637) 17,022 Investing actlvitles Purchase of tangible fixed assets Proceeds from disposal of investments Investment income received (49.172) (1,926) (5.258) 32,519 31,997 Net ¢a$h (used in)Ig8naratsd from Investlng actlvltles {17,175) 25,335 Not cash used in finan¢lng actlvlties Net (de¢rease)Iln¢rea8e In cash and ¢ash equlvalents (63,812) 42,357 Cash and cash equivalents at beginning of year 301.287 258,930 Cash and Cash oqulvalents at end of year 237,475 301,287 14-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity infomiation National Operatic and Dramalic Association is a Charitable Incorporated Organisation ¢CIO') and is registered with the Charity Commission {Chariiy Registration Number 1171216) in England and Wales. In the event of the CIO being wound up, the liability of the guarantee is limited to £1 per Member of the CIO. The address of the registered office is given in Ihe Legal and Administrative Information page of these financial statemenls. The nature of the Group's operations and principal activities are detailed in the Trustees Report. 1.1 Accounting Convention The financial statements have been prepared in accordance wrlh the CIO'S goveming document. the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their aGcounls in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {effective l January 2019). The CIO is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities {Accounls and Reports} Regulations 2008 only io the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial ststemenls are prepared in sterling, which is Ihe functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The consolidated statement of financial activities and consolidated balance sheet consolidate the financial statements of the CIO and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 1.2 Going concern The financial statements have been prepared on a going concern basis. The Trustees have considered relevanl information including annual budgets, forecasl future cash flows and the impact of subsequent events in making their assessment. Based on these assessmenls and having regard to resources available to the enlity the Trustees have concluded that Ihey can continue to adopt the going concern basis in preparing the annual report and accounts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Irustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside al the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are sel out in the notes to the financial statements. Restricted funds are subjecl to specific conditions by donors as to how they may be used. The purposes and uses of the restricled funds are set out in the notes to the financial statements. 15-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poliGies {Continued} 1A Income Income is re¢ognised when the CIO is legally entitled to it after any perfomiance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Voluntary income is received by way of donations and gifts. including related gift aid, and is included in full in the consolidated stalement of financial activities when re1Vable. Volunteer time is not included in the financial statements. Interest on funds held on deposit and distributions on investments are included when received by the Group. Distributions from shares in group undertakings are included when receivable by Ihe CIO. Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution. the amount is known. and receipt is expected. Subscription5 were payable by members on a yearly basis to 31 March. Renewals received in advance for the next subscription period are included in deferred income. Related 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 income. Amounts received in advance of events are recognised in deferred income. Royatties are in respect of pantomimes and are recognised in the accounts wilh reference to the date when the Group is entitled to the income. Other income is recognised in the period in which it is re1vable and to the exlent the goods have been provided or on completion of the service. 1.5 Expenditure 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 probable that a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliabty. Expenditure is dassified by activity. The costs of each adivity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each aclivity. Direct costs attribulable to a single activity are allocated directly to that activity. However, the cost of overall direction and administration of each activity. comprising Ihe salary and overhead costs of the central function, is apportioned on Ihe following basis. These are an estimate, based on staff time. of amount attributable to each adivity. Membership National Conferen IAGM Regional events Summer School Publishing 2023.. 64.4 /0 2023.. 2.9/ 2024.. 5/ 2024. 5/ 2023.. 11.50/0 2023.. 20.7/ 16-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ies (Continued) Support costs are those functions that assist the work of the Group but do not direclly undertake charitable a¢tivilies. Such Costs are reallocated to each of the activities on a staff time basis. Governance costs are those incurred in connection with administration of the Group and compliance with constilulional and statutory requirements. Expenditure on raising funds comprise the costs oftrading of the wholly owned subsidiary, NODA Limited. Expendilure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.6 Intangible fixed assets other than goodwill Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost 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 accumulated amortisation and accumulated impaimient losses. Amortisation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases-. Panlomime script rights 1 OOA straight line 1.7 Tangible fixed assets Tangible fixed assets costing £1.000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably unless their economic life is eslimaled al 12 months or less and are Ihen expensed in the consolidaled statement of financial activities. Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to wrile off the cost or valuation of assets less their residual values over their useful lives on the following bases- Freehold property Fixtures and fittings Computers 2OA straight line 25O/b Straight line 20 /• and 33•/0 Straight line Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the differen between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction Costs are expensed as incurred. Investments in subsidiaries are valued at cost less provision for impairment. 17-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies (Continued) 1.9 Impalrment of fixed assets Al each reporting end date. the CIO reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication thal those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delermine the extent of the impairment loss (if any}. 1.10 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost omprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideralion are measured the lower of replament cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in cuent liabilities. 1.12 Financial instruments The CIO has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the CIO'S balan sheet when the CIO becomes party to the ontractual provisions of Ihe inslrument. Financial assets and liabilities are offset, wrth the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an inlenlion to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price induding transaction costs and are subsequenuy carried at amortised cost using the effective interest method unless the arrangement constitules a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a markel rate of interest. Financial assets classrfied as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction price unless the arrangement conslitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective inlerest rate method. Trade creditors are obligalions to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective inlerest method. Derecognition of financial liabilities Financial liabilities are derecognised when the CIO'S contractual obligations expire or are discharged OT can¢elled. 18
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continuedl 1.13 Taxation The Group is exempl from Corporation tax as all of ils income is Gharitable and is applied for charitable purposes. The Group's trading subsidiary, NODA Limited, gift aids all taxable profits to the CIO by means of a distribLrtion. 1.14 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which Ihe employee's services are received. Temiination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits. The Group operates a defined pension contribution plan for its employees. A defined contribution Fdan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no fvrther payment obligations. The contributions are recognised as an expense in the slalemenl of financial activities when they fall due. Amounts not paid are shown in accruals as a liability in Ihe 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 incentives received, are tharged as an expense on a straight line basis over the lerm of the relevant lease. Critical accounting estimates and judgements In the application of the CIO'S accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from olher sources. The estimates and associated assumplions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from Ihese estimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounling estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below.. Basis of valuation of fixed assets - intangibles Expecled life of freehold property Support cost allocation. Donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 2024 Donations and gifts 7.924 5,910 13,834 6,652 19-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charltable actlvlties Unrg$trf¢tsd Unrestri¢ted funds funds 2024 2023 Membership National conference Regional evenls Summer school 276.204 7.115 281.701 133.791 235.669 8.891 183,135 123,514 678,811 551,209 Other tradlng actlvltles Unrestrfcted Unrostrlcted funds funds 2024 2023 Trading subsidiary 123.899 179.937 Invesknents Unrn$tricted Unr•8trict•d funds funds 2024 2023 M&G Investments and Charities Propety Fund Interest receivable 24,050 7,947 25,367 7,152 31,997 32,519 -20-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other Income Unr•8tricted Unrestricted funds funds 2024 2023 Royalties Other income Email newsletter advertising income 34,407 5,310 9,972 5,505 3,183 49,689 8,688 Ralsing funds Unre$trl¢tsd Unrestrfcted funds funds 2024 2023 Trading subsidiary 6,081 124,528 6,081 124,528 21
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NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Audltorfs remuneration Foes payable to the CIO'S audltor and a$$o¢lates: 2024 2023 Audit of the CIO'S annual accounts 7,100 6,750 Other Serv1¢ to the group - Audit of the CIO'S subsidiaries 4,020 3,150 Total audlt fees 11,120 9,900 12 Surplus lor the financlal year As permitted by section 408 of the Companies Act 2006, the holding company's surplus has not been included in these financial statements. The surplus for the financial year 1$ made up as follows: 2024 2023 Holding Company's gross income for the financial year 892,149 654,477 Holding company's surplusl{deficit) for the financial year (6,623) 1,511 -25-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Commercial operations in trading subsidiary The wholly owned Irading subsidiary. NODA Limited. which is incorporaled in England and Wales, pays all of its profits to the CIO under the gift aid scheme as a distribution. NODA Limited undertakes the trading activities of its charitable parent, National Operalic and Dramatic Association. The CIO owns the entire issued share capilal of 100 ordinary shares at £1 each. A summary ofthe trading results IS shown below. 2024 2023 NODA Limited Profit & Loss Account Turnover Cost of sales Administration costs Inleresl received 123,383 179,937 {22,7251 {101,8031 59 {6,081) 516 Nel profit Less.. royalties paid to charity 117,818 55,468 (4.000) 117.818 {117,818) 51.468 (51,468) Dividend paid to charity Tax on loss on ordinary activities Retained in the subsidiary 2024 2023 NODA Limited Balance Sheet Current assets Current liabilities 81,863 (59,448) 71,755 (49,340) Total net assets 22.415 22,415 Aggregale share capital and reserves 22,415 22,415 14 Trustees During the year travel expenses of £51,886 were reimbursed or paid directly to 16 Trustees {2023- £42,533 to 17 Trustees). None of the Trustees {or any persons connected with them) received any remuneration during the year (2023 £nil). See nole 30 - relaled party Iransaclions, for details of further transaclions with Trustees. -26-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Employees The average monthty number of employees during the year was.. 2024 Number 2023 Number Trading (NODA Limited) Membership Support Total Employment ¢08ts Group 2024 Group 2023 cio 2024 cio 2023 Wages and salaries Social security costs Other pension costs 198,416 15,033 10,102 160,740 11,493 8,564 198.416 15,033 10,102 96,444 6,896 5,138 223,551 180,797 223,551 108,478 The number of employees whose annual remuneration was more than £60.000 is as follows: 2024 Number 2023 Numb•r £60,001- £70,000 Contribulions totalling £3,131 were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000. 16 N•t gainsl{108$es) on investments Unre$trl¢tsd Unrestricted funds funds 2024 2023 Gainl{loss) on sale of investments 777 6,948 17 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the exlent Ihat these are applied to its charitable objects. -27-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Intanglble flxed assets Group and CIO Pantomlme 8crfpt rfghts Cost At 1 January 2024 and 31 December 2024 40,000 Amortlsatlon and impairnwnt At 1 January 2024 Amortisation charged for the year 28,000 4,000 At 31 December 2024 32.000 Carylng amount At 31 December 2024 8.000 Al 31 December 2023 12,000 19 Tangible fixed assets Group and CIO Frnehold land Flxtur9s and and bulkllngs flttlngs Computsrs Tot•1 Cost At 1 January 2024 Additions Disposals 136,989 3.944 5,220 10,794 52,236 34,434 {2,672} 194.445 49,172 (2,672) At 31 December 2024 140,933 16,014 83,998 240,945 Dopreclatlon and Impalmient At 1 January 2024 Depreciation charged in the year Eliminated in respect of disposals 26,969 4,050 4,143 2,988 43,109 10,199 {2,672) 74,221 17,217 (2,672) At 31 December 2024 31.019 7.111 50,636 88.766 Carrying amount At 31 December 2024 109.914 8,903 33,362 152,179 At 31 December 2023 110,020 1,077 9,127 120,224 -28-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Flxed asset Investments Group 2024 Group 2023 cio 2024 cio 2023 Investments in subsidiaries Listed investments 100 630,747 631,524 630,747 631,524 631,524 630,747 631,624 630,847 21 Stocks Group 2024 Group 2023 cio 2024 cio 2023 Goods for resale 11,878 12,453 11,878 22 Debtors Group 2024 Group 2023 cio 2024 cio 2023 Amounts falling due wlthln one year: Trade debtors Amounls owed by subsidiary undertakings Olher deblors Prepaymenls and accrued income 103,618 98.699 103,618 54,234 8,499 17.152 98,581 8,499 30,981 24,158 25,195 24,158 12,990 143,098 148,052 183,503 135,729 23 Crnditorn: amounts falllng due wlthln ono year Group 2024 Group 2023 cio 2024 cio 2023 Deferred income Trade creditors Amounts owed to subsidiary undertakings Other creditors Accruals 24 216,411 10,035 198.319 32.583 216,411 10,035 198,319 31.559 23,721 2,739 31,946 48,336 15,899 2,739 26,732 15,899 261.131 295,117 255,917 269,498 -29-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Deferred income Group 2024 Group 2023 cio 2024 cio 2023 Other deferred income 216,411 198,319 216,411 198,319 Deferred income is included in the financial statements as follows.. Group 2024 Group 2023 cio 2024 cio 2023 Deferred income is included within.. Current liabilities 216,411 198,319 216.411 198,319 Movements in the year.. Deferred income at 1 January 2024 Released from previous periods Resources deferred in the year 198.319 {198,319) 216,411 168.907 {168,907) 198,319 198.319 (198,319) 216,411 168,907 (168,907) 198,319 Deferred income al 31 December 2024 216,411 198,319 216,411 198,319 Deferred income comprises income received in advance relating to.. Subscriptions Regional Gonference income Pantomine commissions due Summer school income 25 Restricted funds Group and CIO The income funds of the charity include restricled funds comprising the following unexpended balaeS of donations and grants held on trust for specific purposes= Movement in funds IncomSng R8sourcos Balanc• at resour¢ •xpended 31 Drtember 2024 Balan¢¢ at 1 January 2023 R•sourc•s Balanc• at txpend•d1 January 2024 Rene Dearden Memorial Training Fund Stephanie Sorgo-Hudson Benevolent Fund 1,927 {960) 967 967 2,880 (2,860) 20 5.910 (2,430) 3,500 4,807 (3,820> 987 5,910 12,430) 4,467 Rene Dearden Memorial Training Fund - To finano further training in the NODA North region. Stephanie Sorg¢>Hudson Benevolent Fund- To assist summer school students in cases offinancial hardship. -30-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Designated funds Group and CIO The income funds of the Gharity include the following designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes.. Balance at 1 January 2023 Resources •xp•ndod Transffrrs Balan¢¥ at 1 January 2024 Resources gxpgnded Transfgfs 8alan¢È at 31 Docember 2024 Kenneth Barnes Bursary Fund John Richards Training Fund Fixed Asset5 Fund 1.026 1.026 1,026 22,660 22,660 22,660 128.624 (10,3261 1,926 120.224 {17,217} 49.172 152,179 152.310 (10.326) 1,926 143,910 (17,217) 49,172 175,865 The Kenneth Barnes Bursary Fund and Ihe John Richards Training Fund were designated by the Trustees. These amounts have been invested in the listed investmenls portfolio. Income arising from the capital held in investments for these funds is crediled to the general fund. The purpose of the Kenneth Barnes Bursary Fund is to finance summer school bursaries. The purpose of the John Richards Training Fund is to finance training in the dramatic arts. Fixed Assets Fund This represents the value of general funds invested in land and buildings and other fixed assets and is therefore not readily available for olher purposes. 31
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NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 29 Operating lease commitments At the reporting end date the CIO had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between two and five years In over five years 4,138 13.288 4,138 16,550 886 17,426 21,574 30 Related party transactions Remuneration of key management personnel The total amount of employee benefils (including employer's pension contributions) received by key management personnel is £65,116 {2023 £61.740). The charity considers ils key management personnel comprises of the Trustees and the COO. Transactions with related parties During the year a gift aided donation of £117,81812023- £51,468) was received from NODA Limited. Included within debtors is £54,234 {2023 - £23,721 included wilhin creditors) due to NODA Limited. 31 Cash generated from operations 2024 2023 (Defictl)Isurpus for the year 16.623) 1.511 Adjustments for.. Investment income recognised in statement of financial aclivities Gain on disposal of investments Depreciation and impairment of tangible fixed assets 131,997) (7771 15,994 {32,519) {6,948) 14,326 Movements in working capital= Decrease in stocks Decreasel(increase} in debtors {Decrease)lincrease in creditors Increase in deferred income 575 4,954 (46,855) 18,092 2,868 124,634} 33,006 29,412 Cash (absorbed by)Igenerated from operations {46,63n 17.022 32 Analysis of changes in net funds The CIO had no debt during the year. -35-
NATIONAL OPERATIC AND DRAMATIC ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 33 Controlllng party The Trustees do not consider there to b8 a single controlling party. 36-