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expenditure of £1.45 million. Thebreakdown is shown in the right-handpie chart on page 29.As well as the new IT membershipsystem at long last going live forSocieties, at the end of the year we putin a very much needed, new accountingIT system. The money required for themain IT system had already been putaside and it came in on budget.However, we did spend an additional£5,000 on enhancements and incurredsome temporary labour costs to helpwith the conversion. The newaccounting system cost £19,000. The cost of the Review, includingpostage, was 42 pence per copy - thesame as last year. Therefore, the General Fund result for2010, after the transfers to designatedfunds, was a surplus of £93,971,and accounts NADFAS accounts, covering the financial year to 31 December 2010Above: ChrisRobinson -'ourreserves endedthe year furtherabove our target,enabling theTrustees toauthorise someone-offexpenditure'NADFAS GROUP BALANCE 20102009SHEET AT 31 DECEMBER 2010£000£000FIXED ASSETSProperty751.7 755.1 Other tangible assets167.6 125.5 Investments980.1 857.2 1,899.4 1,737.8 CURRENT ASSETSStocks16.9 19.1 Debtors164.8 122.9 Cash in hand and at bank1,481.9 1,649.2 1,663.6 1,791.2 CURRENT LIABILITIESCreditors: Amounts falling due (586.7)(722.2)within one yearNET CURRENT ASSETS1,076.9 1,069.0 TOTAL ASSETS LESS 2,976.3 2,806.8 CURRENT LIABILITIESFUNDSGeneral:Charitable1,257.8 1,114.9 Non-charitable trading15.8 15.8 subsidiaries TOTAL GENERAL1,273.6 1,130.7 Designated1,702.7 1,676.1 TOTAL FUNDS2,976.3 2,806.8compared with a deficit of £12,496 in2009. As mentioned, this was far betterthan our original budget, which was foranother small deficit.GENERAL FUND RESERVESThe other good news was that therecovery in the stock market led to thevalue of our investments increasing byover £48,000, leading to a positive totalmovement in our general funds of£142,940. As a result, at the end of lastyear our general reserves had increasedto £1.26 million, which is equivalent to9.9 months' expenditure. 'Reserves above target -action taken'This was above our target of ninemonths, and it was for this reason thatwe decided to use 2010's unbudgeted -or windfall - surplus in four ways:firstly, on public benefit. We areinvesting in creating an online indexfor church recording, and we will alsobe holding a national event for youngpeople at Tate Britain in the Autumn; investing in the future; by expandingour membership we will both help toensure that we remain in a strongfinancial position, and continue tocarry out Patricia Fay's vision that "theAssociation was created to encourage the formation of new societies". Wehave therefore budgeted for a shortterm increase in resources dedicatedto new membership development vianew Societies and the affiliatemembership scheme; we also wanted to spend part of thesurplus to improve our service to you, REVIEW / AUTUMN201127The Statement of Financial Activities and Balance Sheet are not the full statutoryaccounts but are a summary of the information which appears in the full accounts. Thefull accounts have been audited and given an unqualified opinion. The full accountswere approved by the Trustees on 6 April 2011 and a copy has been submitted to theCharity Commission and Registrar of Companies. These summarised accounts maynot contain sufficient information to allow for a full understanding of the financial affairsof the Company. For further information the full annual accounts, including the auditor'sreport, which can be obtained from the Company's offices, should be consulted.INDEPENDENT AUDITORS' STATEMENT TO THE TRUSTEES OF NADFAS:We have examined the summarised financial statements of NADFAS for the yearended 31 December 2010.RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITORS:The trustees are responsible for preparing the summarised financial statements inaccordance with applicable UK law and the recommendations of the charities SORP.Our responsibility is to report to you our opinion on the consistency of the summarisedfinancial statements with the full financial statements and the Trustees' Annual Report.We also read the other information contained in the summarised annual report andconsider the implications for our report if we become aware of any apparent misstatementsor material inconsistencies with the summarised financial statements. We conductedour work in accordance with Bulletin 2008/3 issued by the Auditing Practices Board.OPINION:In our opinion the summarised financial statements are consistent with the full annualfinancial statements and the Trustees' Annual Report of NADFAS for the year ended 31 December 2010.Nicholas Brooks (Senior Statutory Auditor); For and on behalf of Kingston SmithLLP, Statutory Auditor, Chartered Accountants and Registered Auditors, DevonshireHouse, 60 Goswell Road, London EC1M 7AD

28NADFAS REVIEW / AUTUMN ACCOUNTSour members. We are going to do thisby investing in a major one-off upgrade to our website to improve both the content, and the search facility; and 'Monies returned toSocieties'lastly, we effectively returned sums toSocieties. We did this by waiving thefares pool payment, which would havebeen £130 per society. This results in ourincome being around £45,000 lower in2011. It means that smaller Societies,CHARITABLE FUNDS Amounts given in 2006, 2007, 2008, 2009 and 201020062007200820092010RESERVES COVER Free reserves target is ninemonths revenue expenditure(minimum of six months required)9.312963010.09.89.9Months Coverwhich usually have a more difficult timefinancially, will get the same saving aslarger Societies. In addition, the affiliationfee for 2011 was only increased by2.3%, less than half the inflation rate.GRANT FUNDSFor many of our members, NADFAS is all about providing lectures andenjoyable outings. These are, of course,a very important element of oureducation remit, but our charitable aims also cover the giving of aid.Therefore, giving through grants, as well as through volunteering time, is important.The Trustees are responsible for threedesignated grant funds, and the grantsgiven by each of these for the past fiveyears, are shown in the bar chart below. The bar chart shows the substantialincrease in grants given in recent yearsby the Patricia Fay Memorial Fund. Theamount we give in grants, has until now,been that year's net Gift Aid receipts onthe affiliation fee together with the interestearned on Society deposits. However, inview of the Fund's higher reserves wewill, from this year, also include theincome from the Fund's investments. Last year, disappointingly, we did nothave sufficient grant applications to useall the available money. Applicationshave now increased and therefore weexpect to see another fairly large jump inthe level of grants given this year. Butcould I add that the Grants Committeewould like to see even more applications.'Gift Aid scheme greatsuccess'The success of the Gift Aid scheme, andthe considerable number of Societiesthat are now supporting it, really is agood news story. Last year, another 20Societies joined, and already, four morehave joined this year. This means thereare now less than 80 eligible, noncharitable, Societies who are not in theScheme. So if you are one of these,please do think about joining. Since itwas put in in 2004, we have transferredover £380,000 to the Patricia Fay Fund.Left: The GrantsCommittee wouldlike to receiveeven moreapplications for funding of worthwhilearts projects (Min)(Target)9.5£60K£50K£40K£30K£20K£10K£0KZena Walker Britcher FurlongPatricia Fay FundFundMemorial Fund20062007200820092010