REGISTERED COMPANY NUMBER: 11077278 (England and Wales) REGISTERED CHARITY NUMBER: 1179697
OPDA
(A Company Limited by Guarantee)
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st August 2024
OPDA
Contents of the Financial Statements for the Year Ended 31st August 2024
| Page | ||
|---|---|---|
| Reference and Administrative Details | 1 | |
| Report of the Trustees | 2 to | 3 |
| Independent Examiner's Report | 4 | |
| Statement of Financial Activities | 5 | |
| Statement of Financial Position | 6 | |
| Notes to the Financial Statements | 7 to | 14 |
OPDA
Reference and Administrative Details for the Year Ended 31st August 2024
Trustees Mr D Keating Ms E J Hardy Ms Z Newell Registered office 4th Floor 100 Fenchurch Street London EC3M 5JD Registered company number 11077278 (England and Wales) Registered charity number 1179697 Independent examiner Wilson Stevens Accountants 4th Floor 100 Fenchurch Street London EC3M 5JD
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OPDA
Report of the Trustees for the Year Ended 31st August 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st August 2024. The trustees have adopted the provisions of 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
Objectives and aims
The charity aims to provide an engaging way to experience the arts while building health and wellbeing. This includes working towards;
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Inclusive opportunities in the arts
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Nurturing and supporting our local community
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Devoted to ensuring we provide the arts to our wider community
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Inspiring people's health and wellbeing
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Fun and safe environment to learn and develop
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Providing an innovative approach to the arts
Achievement and performance
Charitable activities
During the period the charity educated young people in the arts of drama, dance and music via a series of classes. courses.
Financial review
Financial position
In the financial year ended 31 August 2024, the charity reported a deficit of £112,325. While the charity's cash position remained stable, with £517k received and £519k spent, the reported loss reflects a combination of missed income targets, staffing decisions that did not deliver the intended results, and accounting timing differences under accrual-based reporting.
Key contributing factors
1. Shortfall in student recruitment
Our operating model was built around a target of 60 student enrolments for the year. However, only 43 students were recruited, which had a significant impact on income.
Based on an average income of £7,300 per student, this shortfall equates to approximately £124,100 in lost revenue during the year.
2. Staffing investments that did not yield expected returns
To support the recruitment target, we made the strategic decision to appoint a Marketing Manager and an Operations Manager. Unfortunately, these roles did not deliver the expected improvements from either an operational or marketing perspective. The costs of these positions were fully incurred without the corresponding uplift in student numbers, contributing significantly to the reported deficit.
3. Accounting treatment and timing differences
Although our cash movement during the year was minimal, accrual accounting required the inclusion of non-cash charges such as depreciation and income deferrals. This widened the gap between the reported deficit and the relatively flat cash position.
Conclusion
The deficit of £112,325 reported in 2023/24 reflects a challenging year shaped by underperformance in student recruitment and strategic staffing decisions that did not meet expectations. However, decisive corrective action has been taken, and we are confident that we are now on a path to recovery. With stronger financial discipline and improved performance already evident, we are well-positioned to restore long-term financial sustainability.
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OPDA
Report of the Trustees for the Year Ended 31st August 2024
Financial review
Principal funding sources
Aside from the income generated by the performance of concerts, recordings and other similar activities, the principal funding sources for the charity are from donations.
Future plans
We have taken clear and immediate steps to address these issues. Early signs in the new financial year are positive:
1. Improved student recruitment
Revised outreach and engagement strategies have already led to an increase in student numbers. We are projecting a 20% increase in turnover in 2024/25, which would return us to a cash-positive position by August 2025.
2. Restructured staffing and operational focus
We have made adjustments to the staffing structure to ensure that all roles are aligned with performance outcomes. Resources are now more tightly focused on direct service delivery and impact.
3. Strengthened financial management
More frequent financial monitoring and tighter controls have been introduced to ensure better alignment between income and expenditure. Budget holders now have greater oversight and accountability.
Structure, governance and management
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 22nd November 2017 and registered as a charity. The company was established under a Memorandum of Association which sets out the objects and powers of the charitable company and is governed under its Articles of Association
Recruitment and appointment of new trustees
The directors of the company are also charity trustees for the purposes of charity law. The trustees are not subject to retirement by rotation. The trustees are formally elected to the board of trustees at a full meeting of the trustees.
Induction and training of new trustees
Current trustees are already familiar with the practical work of the charity. Prior to the appointment as a new trustee, the candidate is met by the individual trustees and officers of the charity to ensure that he/she is fully aware of the requirements and statutory duties of a trustee and to ensure that the person is suitable to hold such an appointment.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 25th July 2025 and signed on its behalf by:
Mr D Keating - Trustee
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Independent Examiner's Report to the Trustees of OPDA
Independent examiner's report to the trustees of OPDA ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement - matters of concern identified
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination.
I have identified matters of concern in my report. During the accounting period, material salaries were paid to a trustee and a related party, which is not allowed per the articles of association because prior consent was not requested from the Charities Commission.
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; and
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
David Hatchard BA FCA
Wilson Stevens 4th Floor 100 Fenchurch Street London EC3M 5JD
25th July 2025
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OPDA
Statement of Financial Activities for the Year Ended 31st August 2024
| Year Ended 31/8/24 Unrestricted fund Notes £ Income and endowments from Charitable activities 4 Charitable activities 395,509 Other trading activities 2 7,600 Investment income 3 142 Other income 12,000 Total 415,251 Expenditure on Charitable activities 5 Charitable activities 527,576 NET INCOME/(EXPENDITURE) (112,325) Reconciliation of funds Total funds brought forward 2,295 Total funds carried forward (110,030) |
Period 27/11/22 to 31/8/23 Total funds £ 102,279 191,147 21 9,000 302,447 286,527 15,920 (13,625) 2,295 |
|---|---|
The notes form part of these financial statements
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OPDA
Statement of Financial Position 31st August 2024
| 2024 Unrestricted fund Notes £ Fixed assets Tangible assets 12 6,502 Current assets Debtors 13 37,915 Cash at bank 1,558 39,473 Creditors Amounts falling due within one year 14 (156,005) Net current assets/(liabilities) (116,532) Total assets less current liabilities (110,030) NET ASSETS/(LIABILITIES) (110,030) Funds 16 Unrestricted funds (110,030) Total funds (110,030) |
2023 Total funds £ 8,474 73,342 2,024 75,366 (81,545) (6,179) 2,295 2,295 2,295 2,295 |
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 25th July 2025 and were signed on its behalf by:
Mr D Keating - Trustee
The notes form part of these financial statements
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OPDA
Notes to the Financial Statements for the Year Ended 31st August 2024
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
· income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
· income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
· income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
· expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
· expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
· other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
1. Accounting policies - continued
Expenditure
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Long leasehold | - 20% on cost |
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| Fixtures and fittings | - 20% on cost |
| Computer equipment | - 20% on cost |
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. Other trading activities
| Year Ended 31/8/24 £ Fundraising events 6,387 Other 1,213 7,600 |
Period 27/11/22 to 31/8/23 £ 186,116 5,031 |
|---|---|
| 191,147 |
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
3. Investment income
| 3. Investment income |
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|---|---|---|
| Interest receivable - trading 4. Income from charitable activities Activity Fees Charitable activities 5. Charitable activities costs Charitable activities 6. Support costs Management Finance £ £ Charitable activities 2,790 829 7. Net income/(expenditure) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
Year Ended 31/8/24 £ 142 Year Ended 31/8/24 £ 395,509 Support Direct costs (see Costs note 6) £ £ 258,580 268,996 Governance Other costs £ £ 262,727 2,650 Year Ended 31/8/24 £ 4,941 |
Period 27/11/22 to 31/8/23 £ 21 Period 27/11/22 to 31/8/23 £ 102,279 |
| Totals £ 527,576 |
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| Totals £ 268,996 |
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| Period 27/11/22 to 31/8/23 £ 6,029 |
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
8. Auditors' remuneration
| 8. | Auditors' remuneration | ||
|---|---|---|---|
| Period | |||
| 27/11/22 | |||
| Year Ended | to | ||
| 31/8/24 | 31/8/23 | ||
| £ | £ | ||
| Fees payable to the charity's auditors for the audit of the charity's | |||
| financial statements | 400 | 450 | |
| 9. | Trustees' remuneration and benefits | ||
| Period | |||
| 27/11/22 | |||
| Year Ended | to | ||
| 31/8/24 | 31/8/23 | ||
| £ | £ | ||
| Trustees' salaries | 60,000 | 7,110 |
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st August 2024 nor for the period ended 31st August 2023.
10. Staff costs
| Year Ended 31/8/24 £ Wages and salaries 204,929 Other pension costs 3,803 208,732 The average monthly number of employees during the year was as follows: Year Ended 31/8/24 Administration 5 |
Period 27/11/22 to 31/8/23 £ 77,715 677 |
|---|---|
| 78,392 | |
| Period 27/11/22 to 31/8/23 8 |
No employees received emoluments in excess of £60,000.
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
11. Comparatives for the statement of financial activities
| Income and endowments from Charitable activities Charitable activities Other trading activities Investment income Other income Total Expenditure on Charitable activities Charitable activities NET INCOME Reconciliation of funds Total funds brought forward Total funds carried forward Tangible fixed assets Long leasehold £ Cost At 1st September 2023 34,899 Additions - At 31st August 2024 34,899 Depreciation At 1st September 2023 30,908 Charge for year 3,449 At 31st August 2024 34,357 Net book value At 31st August 2024 542 At 31st August 2023 3,991 |
Unrestricted fund £ 102,279 191,147 21 9,000 302,447 286,527 15,920 (13,625) 2,295 Fixtures and Computer fittings equipment Totals £ £ £ 3,693 4,316 42,908 1,758 1,211 2,969 5,451 5,527 45,877 1,060 2,466 34,434 880 612 4,941 1,940 3,078 39,375 3,511 2,449 6,502 2,633 1,850 8,474 |
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12. Tangible fixed assets
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
13. Debtors: amounts falling due within one year
| Trade debtors Other debtors - lease deposit Amazing Group Holdings VAT Prepayments and accrued income 14. Creditors: amounts falling due within one year Trade creditors Social security and other taxes Pensions payable Other creditor - Amazing Group Wages payable Accruals and deferred income |
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15. Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years 16. Movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/9/23 £ 2,295 2,295 |
2024 £ - - - Net movement in funds £ (112,325) (112,325) |
2023 £ 55,000 43,451 98,451 At 31/8/24 £ (110,030) |
2023 £ 55,000 43,451 |
|---|---|---|---|---|
| 98,451 | ||||
| (110,030) |
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
16. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 415,251 415,251 |
Resources Movement expended in funds £ £ (527,576) (112,325) (527,576) (112,325) |
|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
Net At movement 27/11/22 in funds £ £ (13,625) 15,920 (13,625) 15,920 |
At 31/8/23 £ 2,295 |
|---|---|---|
| 2,295 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 302,447 302,447 |
Resources Movement expended in funds £ £ (286,527) 15,920 (286,527) 15,920 |
|---|---|---|
17. Related party disclosures
The charity owes an amount of £2,294 to Amazing Group Holdings Limited (2023; £nil). D Keating is a director of Amazing Group Holdings Limited.
The charity is owed an amount of £nil from Amazing Group Holdings Limited (2023; £653). D Keating is a director of Amazing Group Holdings Limited.
During the period a salary of £60,000 was paid to D Keating, a director and trustee of the charity. He also received an employer's pension contribution of £1,321.
During the period a salary of £60,000 was paid to A Keating, the spouse of D Keating, a director and trustee of the charity. She also received an employer's pension contribution of £1,321.
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OPDA
Notes to the Financial Statements - continued for the Year Ended 31st August 2024
18. Limited by guarantee
OPDA is a company limited by guarantee and accordingly does not have share capital.
Every member of the company undertakes to contribute such an amount as may be required not exceeding £1 to the assets of the charitable company in the event of the company being wound up while he or she was a member, or within one year after he or she ceases to be a member.
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