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Annual review and accountsNADFAS fi nances remain in good shape – and there will be no increase in the affi liation fee next year. National Treasurer Shaun Pitt gives an overviewFOLLOWING RESEARCH AND ADVICE…Equivalent to increase in affi liation fee of:Equivalent to increase in affi liation fee of:==£3,625£3,2829.3months£209k£255k£2.26£2.76£0net ‘profi t’ for the yeartotal gain on investment fundslevel of general fund reserves will be reduced from 9 months to 7.5 monthsequity investment weighting will be reduced from 80% to 50%50%9 months7.5months80%general fund reserve levelamount generated by commissions from NADFAS Tour Affi liates.amount generated by NADFAS Enterprises advertising revenueRise in affi liation fee in 2016The summary fi nancial statement contains information from the statement of fi nancial activities and the balance sheet for the year ended 31 December 2015, but is not the full statutory report and accounts. The full fi nancial statements were approved by the trustees on 30th March 2016 and subsequently submitted to the Charity Commission and to Companies House. The auditor has issued an unmodifi ed report on the full fi nancial statements and on the consistency of the Trustees’ Annual Report with those fi nancial statements. Their report on the full annual fi nancial statements contained no statement under sections 498 (2) (a), 498 (2) (b) or 498 (3) of the Companies Act 2006. The summary fi nancial statement does not contain suffi cient information to allow for a full understanding of the fi nancial affairs of the charity. The extra details are to be found in the full report and fi nancial statements referred to above. Copies of the full annual accounts including the Trustees’ Annual Report may be obtained from the charity’s head offi ce or at www.nadfas.org.uk. Signed by Shaun Pitt, National Treasurer, on behalf of the Trustees. Independent AuditorÕs Statement to the Trustees of The National Association of Decorative and Fine Arts SocietiesWe have examined the summary fi nancial statement for the year ended 31st December 2015 set out above and on the previous pages.Respective Responsibilities of the Trustees and the AuditorThe Trustees are responsible for preparing the summary fi nancial statement in accordance with applicable UK accounting standards including FRS102. Our responsibility is to report to you our opinion on the consistency of the summary fi nancial statement with the full annual fi nancial statements. We also read the other information contained in the summarised fi nancial statements and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the summary fi nancial statement. Basis of opinion In our opinion the summarised fi nancial statement is consistent with the full annual fi nancial statements of The National Association of Decorative and Fine Arts Societies for the year ended 31 December 2015. OpinionIn our opinion the summarised fi nancial statement is consistent with the full annual fi nancial statements of The National Association of Decorative and Fine Arts Societies for the year ended 31 December 2015. For and on behalf of Kingston Smith LLP, Statutory AuditorChartered Accountants and Registered Auditors, Devonshire House, 60 Goswell Road, London EC1M 7AD42 NADFAS REVIEW / SUMMER 2016 www.nadfas.org.ukACCOUNTS